SOLUTION: A home purchased for $300,000 depreciated 8% over a 1-year period. What was the value of the home after at the end of the year? A) $272,000 B) $274,000 C) $276,000

Algebra ->  Algebra  -> Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: A home purchased for $300,000 depreciated 8% over a 1-year period. What was the value of the home after at the end of the year? A) $272,000 B) $274,000 C) $276,000       Log On

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Question 92579: A home purchased for $300,000 depreciated 8% over a 1-year period. What was the value of the home after at the end of the year?
A) $272,000 B) $274,000 C) $276,000 D) $278,000

Answer by uma(370) About Me  (Show Source):
You can put this solution on YOUR website!
Purchase value of the home = $300,000
Depreciation = 8%
So value of the home after 1 year = 92% of 300,000
= 0.92 * 300,000
= $276,000
The right choice is (C)
Good Luck!!!