Question 282748
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.