As the tax assessor for Indian Creek County, you have been informed that due to budgetary demands, a tax increase will be necessary next year. The total market value of the property in the county is $300,000,000. Currently, the assessment rate is 35% and the tax rate is 40 mills. The county commission increases the assessment rate to 55% and the tax rate to 45 mills.

(a)

How much property tax (in $) was collected under the old rates?

$

(b)

How much more tax (in $) revenue will be collected under the new rates?

$