SOLUTION: A vehicle purchased for $ 22400 depreciates at a constant rate of 9% . Determine the approximate value of the vehicle 14 years after purchase.

Algebra ->  Finance -> SOLUTION: A vehicle purchased for $ 22400 depreciates at a constant rate of 9% . Determine the approximate value of the vehicle 14 years after purchase.      Log On


   

Question 1197911: A vehicle purchased for $ 22400 depreciates at a constant rate of 9% . Determine the approximate value of the vehicle 14 years after purchase.
Answer by ikleyn(52787) About Me  (Show Source):
You can put this solution on YOUR website!
.
A vehicle purchased for $ 22400 depreciates highlight%28exponentially%29 at a constant highlight%28exponential%29 rate of 9% .
Determine the approximate value of the vehicle 14 years after purchase.
~~~~~~~~~~~~~~~~~~ 

    This approximate value is  22400%2A%281-0.09%29%5E14 = 22400%2A0.91%5E14 = 5981.74 dollars (rounded).    ANSWER

Solved.

-------------

To see many other similar  (and different)  solved problems,  look into the lesson
    - Problems on appreciated/depreciated values
in this site.