Asked by Pat
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?
What is the formula?
Answers
Answered by
Kitty
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 :)
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 :)
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