Answered

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Question 15 (1 point)

A home has a tax rate of 2%. If the tax is [tex]$550, what is the assessed value of the home?

a) $[/tex]1,100
b) [tex]$2,750
c) $[/tex]11,000
d) $27,500

Sagot :

GinnyAnswer
To determine the assessed value of the home given the tax rate and the amount of tax paid, we can use the formula:

[tex]\[ \text{Assessed Value} = \frac{\text{Tax}}{\text{Tax Rate}} \][/tex]

Given:
- Tax rate = 2% (which can be written as 0.02 in decimal form)
- Tax = [tex]$550 Now we apply these values to the formula: \[ \text{Assessed Value} = \frac{550}{0.02} \] So, the assessed value of the home would be: \[ \text{Assessed Value} = 27,500 \] Therefore, the correct answer is: d) $[/tex]27,500
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