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The value of the car after 5 years would be $23914.85
<u>Explanation:</u>
Given:
Worth of the new car = $50,000
Every 5 years the value depreciates by 1/2
i.e., every 5 years the value depreciates by 50%
So, we can say that every year the value depreciates by 10%
The worth of the car after 7 years would be
where,
W is the depreciated value
C is the current value
D is the depreciation rate
t is the time
Substituting the value in the equation we get:
Therefore, the value of the car after 5 years would be $23914.85