Final answer:
To calculate Will and Grace's share of the real estate taxes using the 12-month/30-day method, we find the daily tax rate and multiply it by the number of days they are responsible for. The resulting amount is $86.71, which is their share of the taxes.
Step-by-step explanation:
Will and Grace's share of the taxes is calculated using the 12-month/30-day method. From July 1st (when the taxes were prepaid) to June 17th of the following year, 11 months and 17 days have passed. In this method, each month is considered to have 30 days, so the total days are:
(11 months * 30 days/month) + 17 days = 330 days + 17 days = 347 days.
The daily tax rate is:
$2,400/year divided by (12 months/year * 30 days/month) = $2,400/360 = $6.67/day.
Eric and Tracy have therefore paid for 347 days of taxes in advance, which amounts to:
347 days * $6.67/day = $2,314.69.
The days left in the year from June 17th to July 1st are 13 days (due to the 30-day method), and Will and Grace's share for these remaining days is:
13 days * $6.67/day = $86.71.
Thus, Will and Grace's share of the prepaid taxes is $86.71.