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26 Sep 2024, 11:47
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Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
(N/A)
Question Stats:
33% (02:12) correct
66% (00:56) wrong based on 3 sessions
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County T collected a tax equal to 3 percent of the price of each home sold in the county in 2009. Approximately how much did County T collect in taxes from all homes sold in 2009?
A. $38,000
B. $260,000
C. $380,000
D. $2,600,000
E. $3,800,000
09 Feb 2025, 03:11
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OE
Te total price of all the homes sold in 2009 is equal to the number of homes sold times the mean price of the homes sold. Te tax is 3% of this amount. Since the choices given are far apart, there is no need for accurate computations. Using estimation, you get a total price of about (500)($250,000), or $125 million. The tax of 3% is (0.03)($125 million), or approximately $3.75 million. Of the choices given, $3,800,000 is closest to this amount. Te correct answer is Choice E.
Answer: E
Te total price of all the homes sold in 2009 is equal to the number of homes sold times the mean price of the homes sold. Te tax is 3% of this amount. Since the choices given are far apart, there is no need for accurate computations. Using estimation, you get a total price of about (500)($250,000), or $125 million. The tax of 3% is (0.03)($125 million), or approximately $3.75 million. Of the choices given, $3,800,000 is closest to this amount. Te correct answer is Choice E.
Answer: E
