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# Real estate in City X is taxed at the rate of $9.80 per  Question banks Downloads My Bookmarks Reviews Important topics Author Message TAGS: Senior Manager Joined: 05 May 2003 Posts: 426 Location: Aus Followers: 2 Kudos [?]: 5 [0], given: 0 Real estate in City X is taxed at the rate of$9.80 per [#permalink]  12 Aug 2004, 19:19
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Real estate in City X is taxed at the rate of $9.80 per$100.00 of assessed value. what is the assessed value of a property that has a real estate tax of $1,225.00 ? A. 1,204 B. 1,225 C. 12,050 D. 12,250 E. 12,500 Explain your answer Director Joined: 16 Jun 2004 Posts: 893 Followers: 2 Kudos [?]: 28 [0], given: 0 [#permalink] 12 Aug 2004, 19:26 E. 12500. 9.80 100 1225 ? ? = (1225*100)/9.80 = 12500. GMAT Club Legend Joined: 07 Jul 2004 Posts: 5068 Location: Singapore Followers: 23 Kudos [?]: 195 [0], given: 0 [#permalink] 12 Aug 2004, 19:34 should be 12500. For each$100 assesed value, there is a tax of $9.80. So assuming estate is valued at$n, then the tax is

(n/100)*9.80 = 1225
n = 12500
GMAT Club Legend
Joined: 15 Dec 2003
Posts: 4309
Followers: 29

Kudos [?]: 236 [0], given: 0

25 sec. E it is.
tax rate is slightly less than 10%
Multiply 1225 by 10 and you get 12250$. Since tax rate is less than 10%, the only possible amount is 12500$
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Paul

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