A car is purchased for 16,500. After each year, the resale value decreases by 20%. What will the resale value be after 4 years?
1 answer:
Answer:
≈ $6,758
Step-by-step explanation:
Using the formula;
A = P (1-r/100)^n
Where A is the amount after depreciation, P is the original amount before depreciation, r is the rate of differentiation, and n is the number of years.
A = 16,500 (1 -20/100)^4
= 16,500 × 0.8^4
= 6,758.4
<u>≈ $6,758 </u>
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