Answer:
The tax rate is equal to 4.85%.
Explanation:
This problem requires us to caluclate rate at which Wells county is paying tax. The taxable profit and tax liability is given in the question. So we can calculate the rate by dividing tax liability with taxable profit.
Tax rate = tax liability/ taxable profit * 100
tax rate = 11,640,000/240,000,000 *100
Tax rate = 4.85%
