Question

How much will a new TV be worth now if it depreciates by 9% each month, and you bought it new 8 months ago for $2740?

Give your answer to two decimal places.

How much it's worth after 8 months =$

Answer 1

To find out how much the TV is worth now, we need to apply the depreciation rate of 9% to the original price for 8 months:

First, let's calculate the value after the first month:

Value after 1 month = $2740 - (9% of $2740) = $2501.40

Now, let's calculate the value after 2 months:

Value after 2 months = $2501.40 - (9% of $2501.40) = $2275.80

We can continue this process for 8 months to find the current value:

Value after 3 months = $2071.67

Value after 4 months = $1888.81

Value after 5 months = $1725.10

Value after 6 months = $1579.92

Value after 7 months = $1452.16

Value after 8 months = $1339.53

Therefore, the TV is worth $1,339.53 now.