A $30,000 car depreciates in value 12% a year. How much will the car be worth in 5 years?

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asked Oct 11, 2018 86.6k views

2 Answers

Idan Moshe · Answer 1 · 2018-10-17T21:42:51+0000

f=ir^t, f=final value, i=initial value, r=rate, t=time, in this case:

f=30000((100-12)/100)^t

f=30000(0.88)^t so

f(5)=30000(0.88)^5

f(5)=$15831.96 to nearest cent

A $30,000 car depreciates in value 12% a year. How much will the car be worth in 5 years?

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