A car is purchased for $31,000. Each year it loses 25% of its value. After how many years will the car be worth $6400 or less?
Question
Solution 1
Sure, here is the step by step solution:
Step 1: Understand the problem. The car's value decreases by 25% each year. We need to find out when it will be worth $6400 or less.
Step 2: Set up the equation. The formula for depreciation is:
Value = Initial Value * (1 - Depreciation Rate) ^ Number of Y Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI
Similar Questions
A car is purchased for US$24.000. After each year, the resale value decreases by 20%. What will the resale value be after 4 years?
for 18000 dollars. The value of the car depreciates at 13.5% per year. What will the value of the car be, to the nearest cent, after 14 years
A car purchased for $6000 depreciated $2000 the first year and $500 each of the following years. After how many years was the car worth $1500
A new car worth $30,000$30,000 loses 22%22% of its value every year. What does the graph of the value of this car look like?
A jet ski costs $3250 and decreases in value by 15% per year. How much will the jet ski be worth after 6 years?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.