SOLUTION: a piece of machinery depreciates at a fixed rate of 12% per year for 7 years. If the machinery is valued at $100,000 after 7 years, how much would the machinery have intially cost

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Question 621719: a piece of machinery depreciates at a fixed rate of 12% per year for 7 years. If the machinery is valued at $100,000 after 7 years, how much would the machinery have intially cost rounded to the nearest dollar?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 
Hi,
$100000 = I%5B0%5D%281.12%29%5E%28-7%29
$100000(1.12)^7 = I%5B0%5D
$221,068.14 = I%5B0%5D