Answer:
To the nearest hundred dollars, the car will be worth $17,900 by 2005
Step-by-step explanation:
Firstly, we need to write the depreciation equation
We have this as:
V = I(1 - r)^t
V is the present value which is what we want to calculate
I is the initial value, the amount the cad was bought which is $22,000
r is the rate of change which is 5% = 5/100 = 0.05
t is the time difference which is 2005-2001 = 4
Substituting all these into the depreciation equation, we have it that
V = 22,000(1 -0.05)^4
V = $17,919.1375
To the nearest hundred dollars, that would be;
$17,900
70,000 is ten times as much as 7,000. This is because 7,000 times 10 equals 70,000. I got this answer by dividing 70,000 by 10.
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