23
practice examMultiple Choice

Practice Exam

Question 23 • Advanced Financial Algebra

A parcel of land is valued at $⁢100,000 and is subjected to a tax rate of 0.8% What is the annual tax amount?

Answer
A
600 dollars
B
500 dollars
C
700 dollars
D
800 dollars

Explanation

Convert the tax rate to a decimal: 0.8% = 0.008. Multiply the land value by the rate: $100,000 × 0.008 = $800. Therefore, the annual tax amount is 800 dollars.

AI-written and checked against the verified answer.

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