3. Chin Lee Florists is opening a new store in the warehouse district of town. The annual rent is $8.75 per square foot plus 5% of the

3. Chin Lee Florists is opening a new store in the warehouse district of town. The annual rent is $8.75 per
square foot plus 5% of the store’s annual gross sales. The store measures 36 feet by 48 feet. Based on
experience, Chin Lee estimates $225,000 in gross sales. What is Chin Lee’s estimate of the monthly rent
on this store?

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  1. Answer:

    $26,370

    Explanation:

    The annual rate per square is $8.75

    The store measures 36 feet by 48 feet.

    In square feet, the store will be

    =36 x 48 sq.feet

    =1,728 sq.feet

    The annual rents will cost

    = 1,728 sq.feet x $8.75

    =$15,120

    5% of the store’s annual gross sales is 5/100 x $225,000

    =0.05 x 225,000

    =$11,250

    the total amount that chin will incur

    =$15,120 + $11,250

    =$26,370

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