Question 7 of 7Inch Company was expanding its production facilities and purchased large quantities ofland in Hamilton for $4,730,000. The municipality assessed the value of the industrialland at 13% less than its purchase price.a. Calculate the assessed value of the land.Round to the nearest centb. If the property tax rate is 2.50% per annum, calculate the amount of property taxthey would have to pay in their first year.Round to the nearest cent

Given, Price of the land purchased = $4,730,000 Municipality assessed value of land = 13% less than…

Answered: Inch Company was expanding its…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $4,730,000. The municipality assessed the value of the industrial land at 13% less than its purchase price. a. Calculate the assessed value of the land.