My family has some interest in some property. The interest is divided as follows:
1/24 x 7/8 = .03645833 - $1455 appraised value my share
1/24 x 1/8 = .00520330 - $2358 appraised value rest of family's share
$3813 Total appraised value
The ownership is changing as follows:
1/24 x 1/4 = .01041667 for my share
1/24 x 3/4 = .03125000 rest of family's share
I need to reapportion the total appraisal of $3813 among the new figures. Can you give me the correct calculation, not just the answer? I have been pretty sick lately and can't seem to work this out in my head the right way.
2007-09-25 04:30:35 · 3 answers · asked by lavenderbluelassie 3 in Science & Mathematics ➔ Mathematics
My share of the property is a producing mineral interest and the other family's property is a working interest based on a lease of my minerals (oil and gas). That is why the appraisal values are not proportionate to the fractional interests.
2007-09-25 05:13:35 · update #1
The working interest is only owned between a certain depth as long as there are reserves of oil and gas in the ground. My minerals are owned as to all depths which would affect the value differently.
2007-09-25 05:15:01 · update #2
There appears to be an error in your original calcuations. 1/24 of 7/8 is right; but how can 1/2 of 7/8 be smaller than 1/24 of 1/8. Clearly, the 1/24 of 1/8 must be smaller than 1/24 of 7/8. This does not make sense.
If the .03645833 is the actual % of what you own, then the appraisal of the whole land would be $39,908.58
But the .00520330 of $39,908.58 would be 207.66.
So I think there is a mistake here.
2007-09-25 04:42:46 · answer #1 · answered by pyz01 7 · 0⤊ 0⤋
Your calculation doesn't make sense: Your share was 7/8 and yet the appraised value was less than the rest of the family's, who had a 1/8 share.
As the 1/24 is common to both we can ignore it. Assuming 3813 is the correct total, the first calculation should have been: 7/8 --> 3336; 1/8 --> 477
Revised: 1/4 --> 953; 3/4 --> 2860
Perhaps you were missing info, or expressed something incorrectly.
2007-09-25 11:48:09 · answer #2 · answered by John V 6 · 0⤊ 0⤋
I don't understand your arithmetic. It seems to me you share sould have been 7 times that of the rest of the family, yey you show you share being only 38.2% of the total appraised value.
Something is not right.
2007-09-25 11:52:32 · answer #3 · answered by ironduke8159 7 · 0⤊ 0⤋