A condominium is taxed based on its 78,654 value. The tax rate is 3.42 for every 100 of value. If the tax is paid before March 1,4% of the normal tax is given as a discount. How much tax is paid if the condominium owner takes advantage of the discount? iii (Round to two decimal places as needed.)

To calculate the tax paid by the condominium owner after taking advantage of the discount, we need to follow these steps:<br /><br />1. Calculate the normal tax amount based on the value of the condominium and the tax rate.<br />2. Apply the discount to the normal tax amount.<br /><br />Step 1: Calculate the normal tax amount<br />The value of the condominium is $78,654, and the tax rate is $3.42 for every $100 of value. To calculate the normal tax amount, we need to divide the value of the condominium by $100 and multiply it by the tax rate.<br /><br />Normal tax amount = ($78,654 / $100) * $3.42<br />Normal tax amount = $268.34<br /><br />Step 2: Apply the discount<br />The condominium owner takes advantage of a 4% discount if the tax is paid before March 1. To calculate the discounted tax amount, we need to multiply the normal tax amount by (1 - 0.04).<br /><br />Discounted tax amount = $268.34 * (1 - 0.04)<br />Discounted tax amount = $256.92<br /><br />Therefore, the tax paid by the condominium owner after taking advantage of the discount is $256.92.