SOLUTION: the value of an airplane is depreciating at a rate of 7% per year. in 2004, the plane was worth $51.5 million. what is the value of the plane in 2013?

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Question 1159120: the value of an airplane is depreciating at a rate of 7% per year. in 2004, the plane was worth $51.5 million. what is the value of the plane in 2013?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
A=Ao(1-r)^t, t=9 years Ao=51.5M
A=51.5(0.93^9)
=$26.80 million