Key Concept: Unit cost calculation, Area conversion
c) \$1,721,649
[Solution Description]
First, find the price per acre: $\frac{\$250,000}{0.75} \approx \$333,333.33 \text{ per acre}$.
Calculate the area of the new plot in square feet: $500 \text{ ft} \times 450 \text{ ft} = 225,000 \text{ sq ft}$.
Convert this area to acres: $\frac{225,000}{43,560} \approx 5.165 \text{ acres}$.
Multiply by the cost per acre: $5.165 \times \$333,333.33 \approx \$1,721,649.48$.
Your Answer is correct.
c) \$1,721,649
[Solution Description]
First, find the price per acre: $\frac{\$250,000}{0.75} \approx \$333,333.33 \text{ per acre}$.
Calculate the area of the new plot in square feet: $500 \text{ ft} \times 450 \text{ ft} = 225,000 \text{ sq ft}$.
Convert this area to acres: $\frac{225,000}{43,560} \approx 5.165 \text{ acres}$.
Multiply by the cost per acre: $5.165 \times \$333,333.33 \approx \$1,721,649.48$.