Together, a house and the lot it is on costs $40,000. If the house costs seven times as much as the lot, how much does the lot c
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Answer:
Original price of car = $20,000
Step-by-step explanation:
Let the original price of the car be 'x' dollars.
Given:
Here, the depreciation of the car is occuring exponentially as the value depreciates to half in every four years.
Worth of car after 8 years = $5000
Value after depreciation in 4 years = Half of original value =
So, value of car after depreciation in another 4 years = Half of the value after 4 years =
Therefore, final depreciated value after 8 years is .
But, as per question, final depreciated value is $5000. Thus,
Therefore, the original price of the car was $20,000.