Question

Frank purchased an air conditioner for $3000. Its value depreciates at a rate of 8% each year. How much will the air conditioner cost in 3 years? Round your answer to the nearest dollar. PLEASE reply ASAP!

Answer 1

Answer:

$2280

Step-by-step explanation:

Given: Cost of Air conditioner= $3000.

            Rate of depreciation= 8%

            Number of year= 3 years.

Now, finding the depreciation for 3 years.

Depreciation= $\frac{Cost\ of\ air\ conditioner\times rate\ of\ depreciation\times years}{100}$

Amount of depreciation= $\frac{\ 3000\times 8\times 3}{100} = \ 30\times 24$

∴ Amount of depreciation in 3 years is $720.

Cost of Air conditioner after 3 years= $Original\ cost - Amount\ of\ depreciation$

⇒ Cost of Air conditioner after 3 years= $\ 3000-\ 720= \ 2280.$

∴ Cost of Air conditioner in 3 years is $2280.

Answer 2

Answer:

The cost of air conditioner after 3 years is $2336 .

Step-by-step explanation:

Given as :

The purchased price of air conditioner = p = $3000

The depreciated rate of air conditioner = r = 8% each year

The time period of depreciation = t = 3 years

Let The cost of air conditioner after 3 years = $A

Now, According to question

The cost of air conditioner after t years = purchased price of air conditioner × $(1-\dfrac{\textrm rate}{100})^{\textrm time}$

Or, The cost of air conditioner after 3 years = p × $(1-\dfrac{\textrm r}{100})^{\textrm t}$

Or, A = $3000 × $(1-\dfrac{\textrm 8}{100})^{\textrm 3}$

Or, A = $3000 × (0.92)³

Or, A = $3000 × 0.77868

∴  A = $2336.04

So, The cost of air conditioner after 3 years = A = $2336.04

Hence, The cost of air conditioner after 3 years is $2336 . Answer