document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1168963>Question 1168963</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose that you bought a car in mid-2009 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 2012? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #793606 by </B><A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><B>math_tutor2020(3817)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=math_tutor2020><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=793606\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "P = 10,000 = initial value<BR>\n" );
document.write( "r = -12% = -0.12 = rate of growth (negative growth means depreciation)<BR>\n" );
document.write( "t = 2012-2009 = 3 years\r<BR>\n" );
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document.write( "A = P*(1+r)^t<BR>\n" );
document.write( "A = 10000*(1+(-0.12))^3<BR>\n" );
document.write( "A = 10000*(1-0.12)^3<BR>\n" );
document.write( "A = 10000*(0.88)^3<BR>\n" );
document.write( "A = 6814.72\r<BR>\n" );
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document.write( "Answer: 6814.72 dollars<BR>\n" );
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