SOLUTION: When the Gleo Retro (a trendy commuter car) is brand new, it costs $23,500. Each year it loses 15% of its value. What will the car be worth when it is 15 years old?

Question 1188318: When the Gleo Retro (a trendy commuter car) is brand new, it costs $23,500. Each year it loses 15% of its value. What will the car be worth when it is 15 years old?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
When the Gleo Retro (a trendy commuter car) is brand new, it costs $23,500. Each year it loses 15% of its value. What will the car be worth when it is 15 years old?
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Losing 15% means it retains 85% of its value each year.
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After 15 years, it's worth 23500*0.85*0.85 ..... *0.85 fifteen times.
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