Question

In the year 2006, a person bought a new car for $24000. For each consecutive year after that, the value of the car depreciated by 10%. How much would the car be worth in the year 2010, to the nearest hundred dollars?

Answer 1

The car would be worth approximately $15,700 in the year 2010, to the nearest hundred dollars.

Step-by-step explanation:

To find the value of the car in the year 2010, we need to calculate the depreciation each year from 2006 to 2010. The value of the car depreciates by 10% each year, so the value after the first year will be 90% of the previous value.

The initial value of the car in 2006 is $24,000. So, after the first year, the value will be $24,000 * 0.9 = $21,600.

Similarly, after the second year, the value will be $21,600 * 0.9 = $19,440. After the third year, the value will be $19,440 * 0.9 = $17,496. After the fourth year, the value will be $17,496 * 0.9 = $15,746.

Therefore, the car would be worth approximately $15,700 in the year 2010, to the nearest hundred dollars.