SOLUTION: The original value of a car is 22,000 and it depreciates by 15% each year. What is the value of the car after three years?
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Question 981919: The original value of a car is 22,000 and it depreciates by 15% each year. What is the value of the car after three years?
Answer by Cromlix(4381) (Show Source): You can put this solution on YOUR website!
Hi there,
100% - 15% = 85%
85% = 85/100 = 0.85
This is your factor of depreciation
The power it is raised to equals the years
22,000 x 0.85^3
= 13510.75
Hope this helps:-)
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