SOLUTION: Clyde purchases a new car for $18000.If the car's value depreciates by 8% annually, what will be the car's value after 5 years?

SOLUTION: Clyde purchases a new car for $18000.If the car's value depreciates by 8% annually, what will be the car's value after 5 years?

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Question 121170: Clyde purchases a new car for $18000.If the car's value depreciates by 8% annually, what will be the car's value after 5 years?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Clyde purchases a new car for $18000.If the car's value depreciates by 8% annually, what will be the car's value after 5 years?
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V(5) = 18000(0.92)^5 = $11863.47
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Cheers,
Stan H.
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