Mr.Ted owned 5/8 of an interest in a house. He sold 1/5 of his interest for $1000. What was the total value of the house?

Answer 1

If Mr. Ted sold 1/5 of his interest in the house for $1000, this means that 1/5 of his interest is equal to $1000.
Let x be the total value of the house.
From the given information, we can write the equation: (1/5)(5/8)x = $1000
To solve for x, we can simplify the equation first: (1/5)(5/8)x = (1/40)x = $1000
Multiplying both sides of the equation by 40 to eliminate the fraction gives: x = $40,000
Therefore, the total value of the house is $40,000.