The value of a new $5400 sailboat decreases 10% per year. Find its value after 5 years. Round to the nearest penny.
1 answer:
Answer:
FV= $3,352.98
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $5,400
Number of periods (n)= 5 years
Interest rate (i)= 10%
<u>To calculate the future value (FV), we need to use the following formula:</u>
FV= PV / (1 + i)^n
FV= 5,400 / (1.1^5)
FV= $3,352.98
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