Question

A boat costs $19,200 and decreases in value by 12% per year. How much will the boat be worth after 5 years?

Answer 1

The answer is 8,916.56.
This is because 12% of the current price is 2904, times that by 5 years and then subtract the current price by the new number, and you get your answer.

Answer 2

If it decreases by 12 percent, you do 19,200x.12 which is 2,304. You subtract that from 19,200 which is 16,896. You multiply that by .12 which is 2,027.52 and subtract that from 16,896 which is 14,868.42. You do that three more times and there's your answer.