Mrs Imran owns two plots of equal worth. The property tax rate is 2%. If she paid Rs 15000 as the property tax last year, What is the value of each plot owned by her?
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Answer:
Answer:
Rs 375,000
Step-by-step explanation:
If she paid Rs 15000 as the property tax last year and the two plots are of equal worth, it means that the tax she paid on one of the properties
= Rs 15000/2
= Rs 7500
Given that the property tax is at 2%, let the worth of one plot be T, it means that
2% * T = 7500
T = 7500/2 *100
= Rs 375,000
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