The tax on a property with an assessed value of $70,000 is $1,100. What is the assessed value of a property in the same district, if the tax on that property is $1,400?
Accepted Solution
A:
They've given me two categories of things: assessed values of properties, and the amounts of taxes paid. My ratios will then use these two categories. I will set up my ratios with the assessed valuation on top (because that's what I read first in the exercise), and I will use "v" to stand for the value that I need to find.
value tax : 70,000 1,100 = v 1,400 tax value β : 1,100 70,000 β = 1,400 v β
I'll use the shortcut method for solving, multiplying the 70,000 and the 1,400 in one direction, and then dividing by the 1,100 going in the other direction:
70,000 / 1,100 = v / 1,400; multiplying gives (70,000)(1,400); dividing gives v = [(70,000)(1,400)]/1,100 v = ( 70,000 ) ( 1,400 ) 1,100 v= 1,100 (70,000)(1,400) β
v = 98,000,000 1,100 v= 1,100 98,000,000 β
v = 89,090.9090909... v=89,090.9090909... Since the solution is a dollars-and-cents value, I must round the final answer to two decimal places; the "exact" form (whether repeating decimal or fraction) wouldn't make sense in this context. So my answer is: $ 89.090.91