Question

A boat costs 16,000 and decreases in value by 14% per year. How much will the boat be worth after 11 years?

Answer 1

= 3,045.10

Step-by-step explanation

A = P(1 - 14/100)ⁿ

A = 16,000(1-0.14)¹¹

= 16,000 × 0.86¹¹

= 16,000 × 0.190319

= 3,045.109725