Problem
Millville is suffering annual losses of taxable properties and property values of 1% each. Even so, Millville must maintain its tax collections at a constant value of $3.2 million to maintain services. What is the required rate of increase in the tax rate? Note: While Millville uses a rate of 6% for the time value of money, that rate is irrelevant to this problem.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.