SOLUTION: Kiana purchased a car for $14000 and realized that the value of the car depreciates at a rate of 5% per year. a. What will Kiana's car be worth after she has owned it for 6 yea

Algebra ->  Finance -> SOLUTION: Kiana purchased a car for $14000 and realized that the value of the car depreciates at a rate of 5% per year. a. What will Kiana's car be worth after she has owned it for 6 yea      Log On


   

Question 864176: Kiana purchased a car for $14000 and realized that the value of the car depreciates at a rate of 5% per year.
a. What will Kiana's car be worth after she has owned it for 6 years ?
b. How many years will Kiana have owned the car when it is worth only $7000?
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
x=14000*.95^x
x = 10291.3
7000=14000*.95^y
y= 13.5134 years or 14 to the next full year