Question

HELP PLS HELP !!!!!!!

You bought a brand new car for $45,000. The car depreciates at approximately 7%
per year. How much will the car be worth after 8 years? Round to the nearest whole
dollar.

Answer 1

To find the car's worth after 8 years, subtract the depreciation value from the initial value for each year. The car will be worth approximately $27,378 after 8 years.

Step-by-step explanation:

To find out how much the car will be worth after 8 years, we need to calculate the depreciation value each year and subtract it from the initial value of $45,000.

First, we find the depreciation value by multiplying the initial value by the depreciation rate of 7%: 45,000 * 0.07 = $3,150.

Then, we subtract the depreciation value from the initial value for each year: 45,000 - 3,150 = $41,850 after 1 year. 41,850 - 3,150 = $38,700 after 2 years. 38,700 - 3,150 = $35,550 after 3 years, and so on. Repeat this calculation for each year until 8 years are reached.

After 8 years, the car will be worth approximately $27,378.