SOLUTION: Please help me with this problem. I am not sure what formula to use! A particular car is purchased for $28,400. A year later the car is worth only $26,000. If the value of the

Algebra ->  Finance -> SOLUTION: Please help me with this problem. I am not sure what formula to use! A particular car is purchased for $28,400. A year later the car is worth only $26,000. If the value of the      Log On


   

Question 162950: Please help me with this problem. I am not sure what formula to use!
A particular car is purchased for $28,400. A year later the car is worth only $26,000. If the value of the car depreciates at the same rate, determine the value of the car when it's nine years old.

Thank you!
Answer by jojo14344(1513) About Me  (Show Source):
You can put this solution on YOUR website!

It clearly shpws the depreciation as:
28400-%2826000%29=2400%2Fyear
So in 9 years: 9cross%28yrs%29%2A%282400%2Fcross%28yr%29%29=21600 AMOUNT IT DEPRECIATED
Therefore,
28400-21600=highlight%286800%29, VALUE after 9 years.
Thank you,
Jojo