Hi i have the same question as someone else but no one answered. please help me my assignment is do tomorrow!

Question

An car was purchased for $47000 and its depreciation value is 22% each year.
How long would it take the car to be worth nothing (zero dollars)?
Explain.

Answer 1

I'm sure there's a formula for this, but I don't know it.

Therefore, I'd do it the hard way.

47,000 * 0.22 = 10,340
47,000 - 10,340 = 36,570 (end of first year)

36,570 * 0.22 = 8,045.40
36,570 - 8,045.40 = 28,524 (second year)

I'm sure you have the idea now.

Answer 2

see my answer to Jamey

http://www.jiskha.com/display.cgi?id=1229560228