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# Real estate in City X is taxed at the rate of $9.80 per  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Senior Manager Joined: 05 May 2003 Posts: 424 Location: Aus Followers: 2 Kudos [?]: 10 [0], given: 0 Real estate in City X is taxed at the rate of$9.80 per [#permalink]

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12 Aug 2004, 20:19
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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: 892 Followers: 3 Kudos [?]: 63 [0], given: 0 ### Show Tags 12 Aug 2004, 20:26 E. 12500. 9.80 100 1225 ? ? = (1225*100)/9.80 = 12500. GMAT Club Legend Joined: 07 Jul 2004 Posts: 5045 Location: Singapore Followers: 31 Kudos [?]: 376 [0], given: 0 ### Show Tags 12 Aug 2004, 20:34 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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Joined: 15 Dec 2003
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12 Aug 2004, 21:50
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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Paul

12 Aug 2004, 21:50
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# Real estate in City X is taxed at the rate of \$9.80 per

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