A car is purchased for $24,000. After each year, the resale value decreases by 20%. What will the resale value be after 5 years? Use the calculator provided and round your answer to the nearest dollar.

Question

Juliette Bonilla

Mathematics

11 April, 01:09

A car is purchased for $24,000. After each year, the resale value decreases by 20%. What will the resale value be after 5 years? Use the calculator provided and round your answer to the nearest dollar.

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Answers (1)

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Mcguire · Answer 1

Answer:0

The can will have no value after 5 years

Step-by-step explanation:

If it lost 20% value in the first year after 5 year is amount to 100% devalued making it worth nothing at the fifth year.

20/100*24000=$4,800 in the first year

After the first year the value will be

Therefore in five year the value will be

4800*5 = $24000 devalued

Making the car zero worth