Question

Age of car = 5 years. Original cost = $16,995. The current market value is $______. 3,399.00 5,098.50 11,896.50 13,596.00

Answer 1

3,399.00

Explanation:

According of the market value of a car model (check the attached picture), the market value of car is 20% of its original value after 5 years.

We know from our problem that the original cost of the car is $16,995, so we need to find the 20% of that original cost to find the current market value of the car.

current market value = 20% of $16,995

We need to convert the percentage to decimal so we can multiply the two and find the current value. To do it we just need to divide the percentage by 100%:

(20%)/(100%) =
`(20)/(100) =0.2`

current market value = (0.2)($16,995)

current market value = $3,399

We can conclude that the current market value of the car after 5 years is 3,399.00