SOLUTION: connie buys a new car for $22,000. Each year, the car will depreciate 12% in value. to the nearest dollar, how much will Connie's car be worth after 5 year?

Algebra ->  Finance -> SOLUTION: connie buys a new car for $22,000. Each year, the car will depreciate 12% in value. to the nearest dollar, how much will Connie's car be worth after 5 year?       Log On


   

Question 772840: connie buys a new car for $22,000. Each year, the car will depreciate 12% in value. to the nearest dollar, how much will Connie's car be worth after 5 year?

Answer by Cromlix(4381) About Me  (Show Source):
You can put this solution on YOUR website!
100 - 12 = 88
88% = 88/100 = 0.88
$22,000 * 0.88^5
= $11610.10.
Hope this helps.
:-)