Asked by Alicia
8. A balance of $5,500.00 principal earns 3% interest, compounded annually. After 5 years, what is
the balance in the account?
9. A car costs $25,000 and depreciates in value by 15% each year. How much will the tractor be
worth after 4 years?
the balance in the account?
9. A car costs $25,000 and depreciates in value by 15% each year. How much will the tractor be
worth after 4 years?
Answers
Answered by
Steve
5500(1 + .03)^5
and
25000(1 - .15)^4
see how that works?
and
25000(1 - .15)^4
see how that works?
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