SOLUTION: A car that was originally valued at $16,000 depreciates at 15% per year. This means that after each year, the car is worth 85% of its worth the previous year. What is the value o
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Question 918612: A car that was originally valued at $16,000 depreciates at 15% per year. This means that after each year, the car is worth 85% of its worth the previous year. What is the value of the car after 6 years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
after the first year it's worth 16,000 * .85
after the second year it's worth 16,000 * .85^2
after the third year it's worth 16,000 * .85^3
etc.....
after the sixth year it's worth 16,000 * .85^6 which is equal to 6034.39.
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