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iheartfood

  • 3 years ago

The original purchase price of a car is $16,000. Each year, its value depreciates by 10%. Three years after its purchase, what is the value of the car? A. $16 B. $34,587.23 C. $11,664 D. $12,960 **not quite sure how to solve this... please explain? :) thx!

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  1. jim_thompson5910
    • 3 years ago
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    Final Value = Original Value*(100% - 10%)^(Number of years) FV = 16000*(1 - 0.10)^(3) FV = 16000*(0.90)^(3) I'll let you finish

  2. iheartfood
    • 3 years ago
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    kk so i get 11664 ? so my answer is C. $11,664 ??

  3. jim_thompson5910
    • 3 years ago
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    yep

  4. iheartfood
    • 3 years ago
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    awesome!! Thank youu :)

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