SOLUTION: A boat costs $10,450 and decreases in value by 5% per year. How much will the boat be worth after 14 years?
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Question 465445: A boat costs $10,450 and decreases in value by 5% per year. How much will the boat be worth after 14 years?
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
If the boat decreases by 5% each year, that means it will be only worth 95% of its value from the previous year. Therefore, its worth after 14 years is 10,450x(.95)^14=$5096.23..
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