SOLUTION: A car is purchased at 28,500. After each year, the resale value decreases by 20%. What will the resale value be after 4 years? Use the calculator provided and round your answer

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: A car is purchased at 28,500. After each year, the resale value decreases by 20%. What will the resale value be after 4 years? Use the calculator provided and round your answer       Log On


   

Question 1030582: A car is purchased at 28,500. After each year, the resale value decreases by 20%. What will the resale value be after
4 years?
Use the calculator provided and round your answer to the nearest dollar.
Found 2 solutions by stanbon, Cromlix:
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
A car is purchased at 28,500. After each year, the resale value decreases by 20%. What will the resale value be after
4 years?
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V(x) = 28,500*0.8^4 = $11673.60
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Cheers,
Stan H.
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Answer by Cromlix(4381) About Me  (Show Source):
You can put this solution on YOUR website!
hi there,
100% - 20% = 80%
80% = 80/100 = 0.8 (factor)
28,500 x 0.8^4
=$11674
Hope this helps :-)