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QuestionA parcel of land is valued at \$274,550 assessed at 85% of market value. Find the market value.

Studdy Solution

STEP 1

Assumptions1. The assessed valuation of the land is $274,550. The assessment is85% of the market value

STEP 2

We need to find the market value of the land. We know that the assessed valuation is85% of the market value, so we can set up the following equationAssessed valuation=85%×Market valueAssessed\, valuation =85\% \times Market\, value

STEP 3

Now, we can rearrange the equation to solve for the market value.
Market value=Assessed valuation85%Market\, value = \frac{Assessed\, valuation}{85\%}

STEP 4

Convert the percentage to a decimal value.
85%=0.8585\% =0.85Market value=Assessed valuation0.85Market\, value = \frac{Assessed\, valuation}{0.85}

STEP 5

Plug in the given value for the assessed valuation to calculate the market value.
Market value=$274,5500.85Market\, value = \frac{\$274,550}{0.85}

STEP 6

Calculate the market value.
Market value=$274,5500.85=$323,000Market\, value = \frac{\$274,550}{0.85} = \$323,000The market value of the land is $323,000.

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