SOLUTION: Manny purchased a new car this year for $20,500. The car is expected to depreciate at an annual rate of 16%. Using the model, about how much will Manny’s car be worth after 5 years
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Manny purchased a new car this year for $20,500. The car is expected to depreciate at an annual rate of 16%. Using the model, about how much will Manny’s car be worth after 5 years
Log On
Question 935567: Manny purchased a new car this year for $20,500. The car is expected to depreciate at an annual rate of 16%. Using the model, about how much will Manny’s car be worth after 5 years? Round to the nearest dollar. Answer by TimothyLamb(4379) (Show Source):
You can put this solution on YOUR website! depreciation formula:
v = c(1-r)^t
where:
v = future value
c = current value
r = depreciation rate per period
t = number of periods
---
v = 20500*(1-0.16)^5
v = 8573.35
---
answer:
the car will be worth: $8573.35 after five years
---
Free algebra tutoring live chat:
https://sooeet.com/chat.php?gn=algebra
---
Solve and graph linear equations:
https://sooeet.com/math/linear-equation-solver.php
---
Solve quadratic equations with quadratic formula:
https://sooeet.com/math/quadratic-formula-solver.php
---
Solve systems of linear equations up to 6-equations 6-variables:
https://sooeet.com/math/system-of-linear-equations-solver.php
---
