Real Estate Math
A Rhode Island property has an assessed value of $180,000 at a 60% assessment ratio. What is the estimated market value?
A$108,000
B$180,000
C$300,000✓ Correct
D$360,000
Explanation
Market value = Assessed value / Assessment ratio = $180,000 / 0.60 = $300,000. To solve this, multiply the relevant values: $180,000 at 60%.. The correct answer is $300,000.. This is a common calculation on the Rhode Island real estate exam.
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