Question
A new truck was purchased for $58,000. Each year after the truck was purchased, its value decreased by approximately seven-eighths. What is the value of the truck 12 years after
Answers
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it was purchased?
To find the value of the truck after 12 years, we need to apply the seven-eighths decrease to the original value each year. Let's set up an equation:
Value after 12 years = $58,000 x (7/8)^12
Simplifying, we get:
Value after 12 years = $58,000 x 0.028
Value after 12 years = $1,624
Therefore, the value of the truck 12 years after it was purchased is approximately $1,624.
To find the value of the truck after 12 years, we need to apply the seven-eighths decrease to the original value each year. Let's set up an equation:
Value after 12 years = $58,000 x (7/8)^12
Simplifying, we get:
Value after 12 years = $58,000 x 0.028
Value after 12 years = $1,624
Therefore, the value of the truck 12 years after it was purchased is approximately $1,624.