GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 22 Apr 2019, 01:17

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# In a certain community, property is assessed at 60% of its appraised

 new topic post reply Question banks Downloads My Bookmarks Reviews Important topics
Author Message
TAGS:

### Hide Tags

Math Expert
Joined: 02 Sep 2009
Posts: 54409
In a certain community, property is assessed at 60% of its appraised  [#permalink]

### Show Tags

04 Feb 2018, 21:42
1
1
00:00

Difficulty:

55% (hard)

Question Stats:

54% (02:10) correct 46% (01:43) wrong based on 13 sessions

### HideShow timer Statistics

In a certain community, property is assessed at 60% of its appraised value and taxed annually at the rate of $4.00 per$100 of assessed value. If a taxpayer is assessed $240 per quarter in property taxes, what is the appraised value of the property? (A)$6,000

(B) $22,500 (C)$24,000

(D) $40,000 (E)$60,000

_________________
Senior Manager
Joined: 17 Oct 2016
Posts: 317
Location: India
Concentration: Operations, Strategy
GPA: 3.73
WE: Design (Real Estate)
Re: In a certain community, property is assessed at 60% of its appraised  [#permalink]

### Show Tags

04 Feb 2018, 21:53
D

Let x be the property value.

We have, annually,

60/100*x is the accessed value.

rate for this annually is 60/100*x*4/100.

Hence per quarter,

rate=60/100*x*4/100*1/4

This rate = $240 Hence accessed value = 240/(60/100*4/100*1/4) =$40000
_________________
Help with kudos if u found the post useful. Thanks
Senior SC Moderator
Joined: 22 May 2016
Posts: 2644
In a certain community, property is assessed at 60% of its appraised  [#permalink]

### Show Tags

05 Feb 2018, 17:48
1
Bunuel wrote:
In a certain community, property is assessed at 60% of its appraised value and taxed annually at the rate of $4.00 per$100 of assessed value. If a taxpayer is assessed $240 per quarter in property taxes, what is the appraised value of the property? (A)$6,000

(B) $22,500 (C)$24,000

(D) $40,000 (E)$60,000

Work backwards.

Amount paid yearly?
$240 quarterly =$240*4 = $960 paid annually Tax rate? A little tricky. The rate is 4 percent ($4/$100) of 60 percent (given), so Multiply the multipliers: (.04)(.60) = .024 = annual tax rate on appraised property value OR $$\frac{4}{100}=\frac{X}{60}$$ $$X =\frac{240}{100}= 2.4$$ percent is the annual rate paid on appraised property value, P$960 paid yearly = 2.4 percent of appraised property value, P

$$.024P = 960$$
$$P = \frac{960}{.024} =\frac{960,000}{24}= 40,000$$

Answer D
_________________
Listen, are you breathing just a little, and calling it a life?
-- Mary Oliver

For practice SC questions with official explanations that were posted and moderated by the SC Team,
go to SC Butler here: https://gmatclub.com/forum/project-sc-butler-get-2-sc-questions-everyday-281043.html
Non-Human User
Joined: 09 Sep 2013
Posts: 10581
Re: In a certain community, property is assessed at 60% of its appraised  [#permalink]

### Show Tags

26 Mar 2019, 11:32
Hello from the GMAT Club BumpBot!

Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).

Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
_________________
Re: In a certain community, property is assessed at 60% of its appraised   [#permalink] 26 Mar 2019, 11:32
Display posts from previous: Sort by

# In a certain community, property is assessed at 60% of its appraised

 new topic post reply Question banks Downloads My Bookmarks Reviews Important topics

 Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.