Question

The original value of a sculpture is $950, and the value decreases by 15% each year. Find the value of the sculpture in 8 years.

Answer 1

Answer:

The value of the sculpture in 8 years is $258.865

Step-by-step explanation:

The original value of sculpture = $950

we are given that the value decreases by 15% each year.

Formula : $N(t)=N_0(1-r)^t$

Where N(t)=Value after t years

$N_0 =$ Initial value

r = rate of decrease in decimals

t = time

We are supposed to find  the value of the sculpture in 8 years.

Substitute the values in the formula :

So,$N(t)=950(1-0.15)^8=258.865$

Hence the value of the sculpture in 8 years is $258.865