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 2000 the first year and 1500?
Solution
The car depreciated 6000 - 4000.
The car then depreciates 1500, we need to subtract the value of the car after the first year from 4000 - 2500.
Then, we divide this amount by the annual depreciation to find out how many years it took: 500/year = 5 years.
So, it took 1 year (the first year) + 5 years = 6 years for the car to be worth $1500.
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