To determine the assessed value of the home given the tax rate and the amount of tax paid, we can use the formula:
[tex]\[ \text{Assessed Value} = \frac{\text{Tax}}{\text{Tax Rate}} \][/tex]
Given:
- Tax rate = 2% (which can be written as 0.02 in decimal form)
- Tax = [tex]$550
Now we apply these values to the formula:
\[ \text{Assessed Value} = \frac{550}{0.02} \]
So, the assessed value of the home would be:
\[ \text{Assessed Value} = 27,500 \]
Therefore, the correct answer is:
d) $[/tex]27,500
