Doug purchased land for $8,000 in 1995. The year value of the land depreciated by 4% each year thereafter. Use an exponential fu
nction to find the approximate value of the land in 2002.
1 answer:
Answer:
Option C. $6,012
Step-by-step explanation:
we know that
The formula to calculate the depreciated value is equal to
where
V is the the depreciated value
P is the original value
r is the rate of depreciation in decimal
t is Number of Time Periods
in this problem we have
t = 7 years
P = $8,000
r = 0.04
substitute in the formula above
Hope this helps :)
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