Answer
the first land $\$70,000$, the second land $\$50,000$
Work Step by Step
Step 1. Use the conditions given, we have the total profit as $0.15x-0.1(120,000-x)=5500$
Step 2. Solve the above equation: $0.15x+0.1x-12,000=5500$ or $0.25x=17,500$ which gives $x=70,000$
Step 3. The amount for the second land can be found as $120,000-x=50,000$
Step 4. Conclusion: prices for the first land $\$70,000$, the second land $\$50,000$
