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

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

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04 Feb 2018, 21:42
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Difficulty:

55% (hard)

Question Stats:

56% (02:00) correct 44% (01:41) wrong based on 16 sessions

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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

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Re: In a certain community, property is assessed at 60% of its appraised  [#permalink]

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

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05 Feb 2018, 17:48
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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

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

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Re: In a certain community, property is assessed at 60% of its appraised  [#permalink]

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26 Mar 2019, 11:32
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Re: In a certain community, property is assessed at 60% of its appraised   [#permalink] 26 Mar 2019, 11:32
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