Question
A tractor cost $15,450 and depreciate in value by 14% per year. How much will the tractor be worth after three years?
Answers
Answered by
GPT 3.5
After the first year, the tractor's value decreases by 14%, which is 15,450 * 0.14 = $<<15450*0.14=2163>>2163.
So, after the first year, the tractor's worth is 15,450 - 2,163 = $<<15450-2163=13287>>13,287.
After the second year, the tractor will depreciate by 14% again, which is 13,287 * 0.14 = $<<13287*0.14=1854.18>>1854.18.
So, after the second year, the tractor's worth is 13,287 - 1,854.18 = $<<13287-1854.18=11432.82>>11,432.82.
After the third year, the tractor will depreciate by 14% again, which is 11,432.82 * 0.14 = $<<11432.82*0.14=1600.7948>>1,600.7948.
So, after the third year, the tractor's worth will be 11,432.82 - 1,600.7948 = $<<11432.82-1600.7948=9844.0252>>9,844.0252, therefore the tractor will be worth $9,844.03 after three years. Answer: \boxed{9844.03}.
So, after the first year, the tractor's worth is 15,450 - 2,163 = $<<15450-2163=13287>>13,287.
After the second year, the tractor will depreciate by 14% again, which is 13,287 * 0.14 = $<<13287*0.14=1854.18>>1854.18.
So, after the second year, the tractor's worth is 13,287 - 1,854.18 = $<<13287-1854.18=11432.82>>11,432.82.
After the third year, the tractor will depreciate by 14% again, which is 11,432.82 * 0.14 = $<<11432.82*0.14=1600.7948>>1,600.7948.
So, after the third year, the tractor's worth will be 11,432.82 - 1,600.7948 = $<<11432.82-1600.7948=9844.0252>>9,844.0252, therefore the tractor will be worth $9,844.03 after three years. Answer: \boxed{9844.03}.