SOLUTION: Suppose a new car bought in 1988 for $14,675 depreciates 15% each year. Predict the car's value in 1995. Thank you

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Question 614647: Suppose a new car bought in 1988 for $14,675 depreciates 15% each year. Predict the car's value in 1995.
Thank you
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
You can put this solution on YOUR website!
Suppose a new car bought in 1988 for $14,675 depreciates 15% each year.
Predict the car's value in 1995.
:
How much will car be worth in 7 years, a loss of 15% means it will be worth 85% the value of the previous year
:
W = 14675*.85^7
W = 14675 * .320577
W ~ $4700