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Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $5,970,000. The municipality assessed the value of the industrial land at 11% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.30% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent

Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $5,970,000. The municipality assessed the value of the industrial land at 11% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.30% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $5,970,000. The municipality assessed the value of the industrial land at 11% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.30% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent
Transcribed Image Text:Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $5,970,000. The municipality assessed the value of the industrial land at 11% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.30% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent
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