A new car, valued at $28,000, depreciates at 9% per year. What is the value of the car one year after purchase?
Answers
Answer:
$25,480
Step-by-step explanation:
Present value (P) = $28,000
Rate of depreciation (R) = 9%
Time (n) = 1 year
=> Value of car after 1 year (A) = P (1 - R/100)ⁿ
=> A = 28,000 (1 - 9/100)¹
=> A = 28,000 × 91/100
=> A = $25,480
Given : A new car, valued at $28,000, depreciates at 9% per year
To Find : value of the car one year after purchase
Solution:
Initial Value P = $ 28000
Rate of depreciation = 9 %
Time = 1 year
Amount = A
Amount after n year = P(1 - r/100)ⁿ
Amount after 1 year = 28000(1 -9/100)¹
= 280 * 91
= 25480
value of the car one year after purchase = $25480
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