The equation you use is:
final value = initial value * (rate of depreciation) ^ time
1000 = 15000(x)^10
x = .762765 or 76.2765%
value after 7 years is just:
15000(.762765)^7 = 2253.34
A new car is purchased for $15,000. In 10 years the same car has a scrap value of $1000.00. The rate of depreciation of its value is constant each year.
A determine an equation in the form y=mx+b to represent this situation
B how much is the car worth after 7 years.
1 answer
1 answer