SOLUTION: Suppose you bougt a car in mid-2006 for 10,000. If its value in current dollars depreciates steadily at 12% per year, what will its value in current dollars be in mid-2009

SOLUTION: Suppose you bougt a car in mid-2006 for 10,000. If its value in current dollars depreciates steadily at 12% per year, what will its value in current dollars be in mid-2009

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Question 71944: Suppose you bougt a car in mid-2006 for 10,000. If its value in current dollars depreciates steadily at 12% per year, what will its value in current dollars be in mid-2009
Answer by checkley75(3666) (Show Source): You can put this solution on YOUR website!
A DEPRECIATION OF 12% IS THE SAME AS A REDUCED VALUE OF 88% OR .88 THUS:
{[10000*.88].88}.88
{[8800*.88].88}
{7744*.88)
6814.72 IS THE VALUE AFTER 3 YEARS OF A 12% PER YEAR DEPRECIATION.
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