SOLUTION: Lowell purchased a motorcycle for $17,011. It depreciates about 3.9% each year. What is the value of the motorcycle after eight years?

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Question 566071: Lowell purchased a motorcycle for $17,011. It depreciates about 3.9% each year. What is the value of the motorcycle after eight years?

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Lowell purchased a motorcycle for $17,011. It depreciates about 3.9% each year. What is the value of the motorcycle after eight years?
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100% - 3.9% leaves 96.1% of its value = 0.961*worth of the previous year.
value @ years = 17011*(0.961)^8
=~ $12374.19