SOLUTION: Good day. I would just like some help solving this problem. The answer is supposed to be $8,720.00, but I'm still confused as to how the reviewer got it. Here goes: A person pays

Question 282748: Good day. I would just like some help solving this problem. The answer is supposed to be $8,720.00, but I'm still confused as to how the reviewer got it. Here goes:
A person pays $98.10 as annual tax on his house and lot. If the rate of it is 1-1/2% and the value of the property is 75% of the actual cost, what is the cost of the property?
Thank you very much and Godspeed! :)
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
A person pays $98.10 as annual tax on his house and lot. If the rate of it is 1-1/2% and the value of the property is 75% of the actual cost, what is the cost of the property? The answer is supposed to be $8,720.00

x = actual cost of the property.
.75 * x = value of the property.

Person pays $98.10 annual tax on his property.
This tax is based on the value of the property.
Tax rate is .015 * value of the property.

Your equation is:

98.10 = .015 * .75 * x

Simplify to get:

98.10 = .01125 * x

Divide both sides of this equation by .01125 to get:

x = $8720.00

This agrees with the value that you're supposed to get so it's good.

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