SOLUTION: PLEASE HELP ME IN SOLVING THIS QUESTION IT IS RELATED TO GEOMETRIC PROGRESSION.... SAM HAS PURCHASED A $30000 CAR FOR HIS BUSINESS.THE CAR DEPRECIATES 30% EVERY YEAR .WHAT WILL BE

Question 936721: PLEASE HELP ME IN SOLVING THIS QUESTION IT IS RELATED TO GEOMETRIC PROGRESSION....
SAM HAS PURCHASED A $30000 CAR FOR HIS BUSINESS.THE CAR DEPRECIATES 30% EVERY YEAR .WHAT WILL BE THE VALUE OF CAR AFTER 5TH YEAR?(THE CAR IS O YEAR WHEN PURCHASED........
Answer by Danielshinmath(31) (Show Source): You can put this solution on YOUR website!
you do 30000*(0.7^5)=5042.1, becuase 100-30 percent is 70 percent. Then, since you have 5 years, you do 30000*0.7*0.7*0.7*0.7*0.7, or 30000*(0.7^5)
ANSWER:5042.10 dollars
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