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

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?
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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 StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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