Asked by rio
a new car depreciated by 20% in its first year. each succeeding year it depreciated by 10% assume the car is still in good working condition after 10 years. if the car costs $25,000 calculate the value of the car after 10 years. express your answer to the nearest $10.
please help and show me your steps in working out this equation
please help and show me your steps in working out this equation
Answers
Answered by
Reiny
After the first year the value is
25000(.8) = 20000
so after the next 9 years depreciating at 10% would leave
20000(.9)^9
7748.41 or 7750
25000(.8) = 20000
so after the next 9 years depreciating at 10% would leave
20000(.9)^9
7748.41 or 7750
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