Ed's new car has a value of $23,500, but it is expected to depreciate at a rate of 7.5% per year. What is the value of Ed's car
after 7 years? Round to the nearest dollar, as needed.
$0
$142,162
$13,616
$14,720
1 answer:
Answer:
$13,616
Step-by-step explanation:
For each year we will have to constantly decrease it by 7.5%
23,500 - 7.5%
= 21,737.5
= 21,737.5 - 7.5%
= 20,107.1875
= 20,107.1875 - 7.5%
= 18599.1484375
= 18599.1484375 - 7.5%
= 17204.2123047
= 17204.2123047 - 7.5%
= 15913.8963818
= 15913.8963818 - 7.5%
= 14720.3541532
= 14720.3541532 - 7.5%
= 13616.3275917
Definitively we will get the answer $13,616
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