Ask a New Question
Menu

In 2004, your family bought a new car for $15,000. Each year the value of the car is decreasing approximately 15% per year. Your father plans to keep the car 5 years before he buys another new car. What will be the value of the car when he's ready to trade?

What is the formula?

1 answer

First Year = 15000 / 100 * 15 = 2250 (minus from 15000 = 12750)

Second year = 12750 / 100 * 15 = 1912.50 (minus from 12750 = 10837.50

Third Year = 10837.50 / 100 * 15 = 1625.63 (minus from 10837.50 = 9211.87)

Continue for year four and five :)
Similar Questions
    1. answers icon 0 answers
  2. average gas pricescolumbia sc year 2002 $0.70 year 2003 $1.04 year 2004 $1.15 year 2005 $1.38 year 2006 $ 1.86 year 2007 $1.70
    1. answers icon 9 answers
    1. answers icon 1 answer
  4. average gas pricescolumbia sc year 2002 $0.70 year 2003 $1.04 year 2004 $1.15 year 2005 $1.38 year 2006 $ 1.86 year 2007 $1.70
    1. answers icon 5 answers
more similar questions