SOLUTION: A car sells for $25,000. If the rate of depreciation is 15% per year, what is the value of the car after 7 years?

Question 942214: A car sells for $25,000. If the rate of depreciation is 15% per year, what is the value of the car after 7 years?
Found 2 solutions by rfer, TimothyLamb:
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
A=25000(1.15)^-7
A=$9398.43
Answer by TimothyLamb(4379) (Show Source): You can put this solution on YOUR website!
depreciation formula:
v = c(1-r)^t
where:
v = final value
c = initial value
r = percent (as decimal) depreciation per time period, typically per year
t = depreciation time periods, typically years
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v = 25000*(1-0.15)^7
v = 8014.43
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