So im having trouble with this QUESTION :::

Question

Its suppose you buy a car with a value of $9,250. Each year the value of your car will depreciate by 5.1%. How much will your car be worth in 8 years?
So I did the problem 9250 / 100= 92.50 which is 1% 92.50 x 5.1 = 471.75 which is 5.1% 471.75 x 8 = 3774 9250 - 3774 = 5476 The answer is >$5476<
But the answers for the questions are
A(12,446.89
B(7,195.37
C(7,933.91
D(6,085.15
Im really confused do I have to round up ? To 6,085.15 ?

Answer 1

if it depreciates by 5.1%, that means that each year its value is 94.9% what it was the year before. So, after 8 years, the value is

9250 * 0.949^8 = 6085.15

Answer 2

oobleck is correct