Real Estate Math
A Rhode Island property is assessed at 80% of market value and the market value is $350,000. What is the assessed value?
A$245,000
B$280,000✓ Correct
C$315,000
D$350,000
Explanation
$350,000 x 0.80 = $280,000. To solve this, multiply the relevant values: $350,000 at 80%.. The correct answer is $280,000.. This is a common calculation on the Rhode Island real estate exam.
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