USE THE FOLLOWING DATA TO ANSWER THE QUESTION

Multiple Choice

USE THE FOLLOWING DATA TO ANSWER THE QUESTION.
Hicksville has a proposed budget of $7,000,000 for the fiscal year. The city has an assessed value of $100,000,000 and will receive state aid of $100 per capita based on its 2000 census population of 15,000. Assessed value equals 25% of market value.

-What is the nominal tax rate in Hicksville?

A) .055
B) .070
C) .085
D) .220