In the year 2013, John's boat had a value of $16,000. When he bought the boat in 2007 he paid $29,000. If the value of the boat depreciated linearly, what was the annual rate of change of the boat's value? Round your answer to the nearest hundredth if necessary.
Answers
Given : In the year 2013, John's boat had a value of $16,000. When he bought the boat in 2007 he paid $29,000
the value of the boat depreciated linearly,
To Find : annual rate of change of the boat's value to the nearest hundredth
Solution:
bought the boat in 2007 he paid $29,000
in Year 2013 Value = $ 16000
Value Depreciated = 29000 - 16000 = 13000
Number of years = 2013 - 2007 = 6
annual rate of change of the boat's value = 13000/6
= 2166.6666
= 2166.67 nearest hundredth
annual rate of change of the boat's value = 2166.67 $
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