Question 1185229: Sam has purchased a $30,000 car for his business. The car depreciates 30% every year. Depreciate means the value of the car goes down by that percent each year. What will be the value of the car after the 5th year? Note: The car is 0 year old when purchased so the first year is the second entry in the sequence.
Answer by ikleyn(52776)   (Show Source):
You can put this solution on YOUR website! .
Sam has purchased a $30,000 car for his business. The car depreciates 30% every year.
Depreciate means the value of the car goes down by that percent each year.
What will be the value of the car after the 5th year?
Note: The car is 0 year old when purchased so the first year is the second entry in the sequence.
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I do not understand your question precisely.
After the 5th year, the 6th year follows.
So, I will give my answer for the 6-th year.
Every next year the value of the car is 100% - 30% = 70% = 0.7 of the previous year value.
0-th year value is $30,000. n-th year value is  , n = 0, 1, 2, 3, . . .
T A B L E
year value
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0-th year 30000.00
1-th year 21000.00
2-nd year 14700.00
3-rd year 10290.00
4-th year 7203.00
5-th year 5042.10
6-th year 3529.47
6-th year value is  = 3529.47 dollars. ANSWER
Solved and explained.
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