NEED HELP ASAP WILL GIVE BRAIN
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Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
The amount the car will be worth after 6 years is £21,917 and 22 pence
Step-by-step explanation:
The amount for which Colin buys the car, PV = £28,100
The amount by which the car depreciates each year, r = 4%
The number of years after which the value of the car is sought, n = 6 years
The future value, FV, based on an annual depreciation is given as follows;
Substituting the known values gives;
Therefore, the amount the car will be worth after 6 years, future value FV₆ = £21,917 and 22 pence
