SOLUTION: The value of a boat is depreciating at a rate of 7% per hour. In 2004, the boat was worth $192,000. Find the value of the boat in 2013.

Question 1003071: The value of a boat is depreciating at a rate of 7% per hour. In 2004, the boat was worth $192,000. Find the value of the boat in 2013.
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
Depreciating at 7%
100 - 7 = 93%
93% = 93/100 = 0.93
0.93 is your factor of depreciation
There are 9 years between 2004 and 2013
So, you set 9 as a power on your factor
0.93^9
Multiply your original value
$192,000 x 0.93^9
= $99918.93
This is the value of the boat in 2013.
Hope this helps :-)
RELATED QUESTIONS
the value of an airplane is depreciating at a rate of 7% per year. in 2004, the plane was (answered by Boreal)

The value of a car is $18,000 and is depreciating at a rate of 12% per year. Find how (answered by checkley79)

A computer that was purchased for $1,200 is now worth $450. If it is depreciating at a... (answered by Alan3354)

Solve. A boat moves 5 kilometers upstream in the same amount of time it moves 17... (answered by mananth)

A boat that has a value of 1,000,000 on January, !, 201. Its values decrease at rate of... (answered by Boreal)

A new car worth $45,000 is depreciating in value by $3000 per year. a. Write a formula... (answered by ikleyn)

A boat moves 7 km upstream in the same amount of time it moves 20 km downstream. if the... (answered by htmentor,ewatrrr)

A boat moves 7 kilometers upstream in the same amount of time it moves 20 kilometers... (answered by josgarithmetic,MathTherapy,ikleyn)

At one boat dealer, she found a boat she likes that sells for $15,000 and depreciates at... (answered by MathLover1)