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olchik [2.2K]
3 years ago
13

A new sports car sells for $40,000. The value of the car decreases by 12% annually. After how many years will it be worth half o

f its selling price
Business
1 answer:
Marysya12 [62]3 years ago
8 0

Answer:

n= 6.11 years

Explanation:

Giving the following information:

Present value= $40,000

Future value= $20,000

Decrease rate= 0.12

<u>To calculate the number of years for the car to reach a value of $20,000; we need to use the following formula:</u>

n= ln(FV/PV) / ln(1+i)

n= ln(20,000/40,000) / ln(1.12)

n= 6.11 years

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Read 2 more answers
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