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25 November, 02:29

A car sells for $16,000. if rate depreciation is 18%, find the value of the car after 8 years. round to the nearest penny

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  1. 25 November, 02:30
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    The value of the car depreciates by 18% every year, so every year, 82% (100% - 18%) of the value of the car is left.

    After one year, the value of the car is $16,000 (0.82)

    After two years, the value of the car from last year is multiplied again by 0.82: $16,000 (0.82) (0.82)

    After three years: $16,000 (0.82) (0.82) (0.82), or $16,000 (0.82) ^3

    After n years: $16,000 (0.82) ^n

    After 8 years, the value of the car is $16,000 (0.82) ^8 = $3270.63
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