Question 7 of 7 Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $4,730,000. The municipality assessed the value of the industrial land at...

Extracted text: Question 7 of 7 Inch Company was expanding its production facilities and purchased large quantities of land in Hamilton for $4,730,000. The municipality assessed the value of the industrial land at 13% less than its purchase price. a. Calculate the assessed value of the land. Round to the nearest cent b. If the property tax rate is 2.50% per annum, calculate the amount of property tax they would have to pay in their first year. Round to the nearest cent