SOLUTION: The value of a property declines every year by 6%. Presently, its value is $118,000. What will be its value 5 years from now?

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Question 427056: The value of a property declines every year by 6%. Presently, its value is $118,000. What will be its value 5
years from now?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
118,000-6%=118,000(.94)
After 5 years=118,000x.94x.94x.94x.94x.94x=118,000x.7339040224=$86,600.67..