SOLUTION: I can't figure this out because it doesn't give you the value of the car ... You purchase a new car after graduating from college. Each year the assessed value of the car decrea

Algebra ->  Finance -> SOLUTION: I can't figure this out because it doesn't give you the value of the car ... You purchase a new car after graduating from college. Each year the assessed value of the car decrea      Log On


   

Question 601520: I can't figure this out because it doesn't give you the value of the car ...
You purchase a new car after graduating from college. Each year the assessed value of the car decreases by 12%. after five years, what is the total percentage decrease on the value of the car?

Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You purchase a new car after graduating from college. Each year the assessed value of the car decreases by 12%. after five years, what is the total percentage decrease on the value of the car?
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Each year after the 1st the car is worth 0.88 of it's previous years value.
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Ans: 0.88^5x = 0.528x: 52.8% of original value
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Cheers,
Stan H.
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