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Math

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A residential property is assessed for tax purposes at 40% of its market value. The residential property tax is 3 1/3% of the assessed value and the tax is $1200.
a)What is the assessed value of the property?
b) What is the market value of the property?

  • Math -

    a 3 1/3% = 3.33333%/100% = 0.033333 = %
    rate expressed as a decimal.
    0.033333A = $1200.
    A = $36,000. = Assessed value.

    b. 0.4M = $36000.
    M = $90,000. = Market value.

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