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20 August, 23:52

A company has a property tax bill for $6,000 this year. It expects property values to rise by 8% each year and therefore increase the property tax bill by 8% each year. What is the expected amount of property taxes the company will pay for this year and the upcoming three years?

$24,080

$24,480

$27,037

$29,200

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Answers (1)
  1. 21 August, 00:55
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    Year

    1 6,000 x 1.08 = 6,480

    2 6,480 x 1.08 = 6,998.40

    3 6,998.40 x 1.08 = 7,558.27

    4 7,558.27 x 1.08 = 8,162.93

    total: 29,199.60

    Answer is the last option: $29,200
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