SOLUTION: Mr. Jabot bought a new car for $24.000. Each year it depreciates (loses value) at a rate of 7%. What will its approximate value be at the end of the fifth year? Thanks for the h

SOLUTION: Mr. Jabot bought a new car for $24.000. Each year it depreciates (loses value) at a rate of 7%. What will its approximate value be at the end of the fifth year? Thanks for the h

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Question 315245: Mr. Jabot bought a new car for $24.000. Each year it depreciates (loses value) at a rate of 7%. What will its approximate value be at the end of the fifth year?
Thanks for the help!
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
24,000(1-.07)^5
24,000*.93^5
24,000*.6957=$16,696.52 ans. for the car value after 5 years.
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