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Lorico [155]
3 years ago
9

A sailboat depreciates at 15% of its original value each year. If the sailboat was $9500 at its time of purchase, what is the va

lue of the sailboat after 7 years?
Mathematics
2 answers:
eimsori [14]3 years ago
6 0

Answer: After 7 years, the value of the sailboat is $3045.49.

Step-by-step explanation:

Since we have given that

Original value of the sailboat = $9500

Depreciation rate = 15%

Number of years = 7

As we know the formula for "Compound Interest "i.e

A=P(1-\frac{r}{100})^n

where,

A denotes Amount

P denotes original value

r denotes rate of depreciation,

n denotes number of years.

So, our equation becomes ,

A=9500(1-\frac{15}{100})^7\\\\A=9500(1-0.15)^7\\\\A=9500(0.85)^7\\\\A=\$3045.49

Hence, after 7 years, the value of the sailboat is $3045.49.


faust18 [17]3 years ago
4 0
After 7 years, the valu of the boat = 9500(1 - 0.15)^7 = 9500(0.85)^7 = $3,045.48
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