SOLUTION: Trying to help my son, but can't figure the formula to use. Pls help My car depreciates at a rate of 33% per year. What % of the original price is it worth after 6 years. Thx

Question 725842: Trying to help my son, but can't figure the formula to use. Pls help
My car depreciates at a rate of 33% per year. What % of the original price is it worth after 6 years.
Thx terry
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
My car depreciates at a rate of 33% per year.
What % of the original price is it worth after 6 years.
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Let the original value be "x".
Each year it is worth 67% of what it was worth the previous year.
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Equation:
V(6) = 0.67^6*x = 0.0905*x or 9.05% of the original price
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Cheers,
Stan H.
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