Question

A new car is purchased for 23700 dollars. The value of the car depreciates at 13% per

year. To the nearest year, how long will it be until the value of the car is 8000 dollars?

Answer 1

Year 5

Explanation:

If the value decreases by 13% each year that is $3,081 each year (0.13x23,700=3,081)

Year 1: 23700-3081=20619

Year 2: 20619-3081=17538

Year 3: 17538-3081=14457

Year 4: 14457-3081=11376

Year 5: 11376-3081=8295

Year 6: 8295-3081=5214

So, the year would be year 5 and the value of the car would be $8,295

Answer 2

the car will be closest to 8000 in year 8. the car would be worth 7778.