Answer:
$106,147
Explanation:
The price of the house is $160,000. The value of the house is going down by 5% each year, and we need to find the price of the value after 8 years.
Year 0:
$160,000
Year 1:
$160,000×0.95 = $152,000
Year 2:
$152,000×0.95 = $144,400
Year 3:
$144,400×0.95 = $137,180
Year 4:
$137,180×0.95 = $130,321
Year 5:
$130,321×0.95 = $123,804.95
Year 6:
$123,804.95×0.95 = $117,614.7025
Year 7:
$117,614.7025×0.95 = $111,733.967375
Year 8:
$111,733.967375×0.95 = $106,147.26900625 ≈ $106,147
Therefore, the correct answer is the second ONE. ✔️✔️