Problem
Millville is suffering a 1% annual loss of population and property values. Even so, Millville must maintain its tax collections at a constant value of $3.2M. If the inflation rate is 4.5%, what inflation rate in taxes for the remaining taxpayers is required for Millville to attain its goal? (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.