SOLUTION: a tractor cost $10,350 and depreciates in value by 8% per year. How much will the tractor be worth after 5 years?

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Question 1109319: a tractor cost $10,350 and depreciates in value by 8% per year. How much will the tractor be worth after 5 years?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Let +V+ = the value after 5 yrs
+V+=+10350%2A%28+1+-+.08+%29%5E5+
+V+=+10350%2A.92%5E5+
+V+=+10350%2A.65908+
+V+=+6821.48+
After 5 yrs, the tractor is worth
$6,821.48