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Answer:
The amount the car will be worth after 6 years is £21,917 and 22 pence
Step-by-step explanation:
The amount for which Colin buys the car, PV = £28,100
The amount by which the car depreciates each year, r = 4%
The number of years after which the value of the car is sought, n = 6 years
The future value, FV, based on an annual depreciation is given as follows;
Substituting the known values gives;
Therefore, the amount the car will be worth after 6 years, future value FV₆ = £21,917 and 22 pence
We are given the first term and the common ratio, this means they belong to a geometric series.
For the given series:
Each term of the geometric series is obtained by multiplying the previous term by common ratio.
So the next terms will be:
-4.5, -6.75, -10.125, -15.1875, -22.78125
The general formula for the G.P would be:
On plotting the series, the result will be like this:
For the given series:
Each term of the geometric series is obtained by multiplying the previous term by common ratio.
So the next terms will be:
-4.5, -6.75, -10.125, -15.1875, -22.78125
The general formula for the G.P would be:
On plotting the series, the result will be like this: