SOLUTION: A college professor has purchased a new bicycle for commuting to class. This bicycle had a purchase price of $600 and depreciates at a constant rate of $55 a year. What is the bi

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Question 959039: A college professor has purchased a new bicycle for commuting to class. This bicycle had a purchase price of $600 and depreciates at a constant rate of $55 a year. What is the bicycle’s value after 3.5 years? How long before the bicycle is worth zero?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
Let +n+ = number of years after purchase
Let +V+ = the bike's current value
+V+=+600+-+55n+
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+V+=+600+-+55%2A3.5+
+V+=+600+-+192.5+
+V+=+407.5+
After 3.5 years, the bicycle is worth $407.50
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+0+=+600+-+55n+
+55n+=+600+
+n+=+10.91+
In about 10 years and 11 months,
the bike will be worth zero