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Donald bought a car for $8650. The value of the car is decreasing at a rate of 3% per year. How much will Donald's car be worth in 7 years?

Donald bought a car for $8650. The value of the car is decreasing at a rate of 3% per year. How much will Donald's car be worth in 7 years?
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Donald bought a car for $8650. The value of the car is decreasing at a rate of 3% per year. How much will Donald's car be worth in 7 years?

User Malik Rizwan
by
8.2k points

1 Answer

4 votes
The car is worth 97% of its orginal cost value each and every year.

So we would have to multiply 8650 by 0.97 seven times.

8650* 0.97*0.97*0.97*0.97*0.97*0.97*0.97

and the the final answer is $6989.05
User Txominpelu
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