In Chicago, the tax on a property assessed at $550,000 is $7,700. If tax rates are proportional in this city, how much would the tax be on a property assessed at $920,000?
write a proportion to solve the question.
7,700/550,000 = x/920,000
Cross multiply and solve for x.
To solve this question using a proportion, we first need to set up a ratio between the assessed property value and the tax amount.
Let's define:
- Assessed Property Value 1: $550,000
- Tax amount 1: $7,700
Now, we can set up the proportion using these values as follows:
Assessed Property Value 2 / Tax amount 2 = Assessed Property Value 1 / Tax amount 1
Using the given values, the proportion to solve the question would be:
920,000 / x = 550,000 / 7,700
Where x represents the unknown tax amount for a property assessed at $920,000.
To find the value of x, we need to cross multiply and solve for x:
920,000 * 7,700 = 550,000 * x
7,084,000,000 = 550,000x
Now, to isolate x, we divide both sides of the equation by 550,000:
x = 7,084,000,000 / 550,000
x ≈ $12,880
According to the proportion, the tax for a property assessed at $920,000 would be approximately $12,880.