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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

Question

A car purchased for 6000depreciated6000 depreciated 2000 the first year and 500eachofthefollowingyears.Afterhowmanyyearswasthecarworth500 each of the following years. After how many years was the car worth 1500?

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Solution

The car depreciated 2000thefirstyear,soitsvalueafterthefirstyearwas2000 the first year, so its value after the first year was 6000 - 2000=2000 = 4000.

The car then depreciates 500eachyear.Tofindouthowmanyyearsittookforthecartobeworth500 each year. To find out how many years it took for the car to be worth 1500, we need to subtract the value of the car after the first year from 1500:1500: 4000 - 1500=1500 = 2500.

Then, we divide this amount by the annual depreciation to find out how many years it took: 2500/2500 / 500/year = 5 years.

So, it took 1 year (the first year) + 5 years = 6 years for the car to be worth $1500.

This problem has been solved

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