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Real estate in City X is taxed at the rate of $9.80 per

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Senior Manager
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Real estate in City X is taxed at the rate of $9.80 per [#permalink] New post 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
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 [#permalink] New post 12 Aug 2004, 19:26
E. 12500.

9.80 100
1225 ?

? = (1225*100)/9.80 = 12500.
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 [#permalink] New post 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
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 [#permalink] New post 12 Aug 2004, 20:50
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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  [#permalink] 12 Aug 2004, 20:50
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