Drake buys a ring that costs $8,000, which depreciates at a rate of 9.5% per year. What is the value of Drake's ring after 7 years? Round to the nearest cent.

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Mani Ratna asked Nov 15, 2022

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Drake buys a ring that costs $8,000, which depreciates at a rate of 9.5% per year.

What is the value of Drake's ring after 7 years? Round to the nearest cent.

Mathematics
high-school

Mani Ratna asked Nov 15, 2022

by Mani Ratna

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20 votes

Answer:

$1129.93

Explanation:

100 - 9.5 = 90.5

8000 - 90.5 = 7909.5

7909.5 ÷ 7 = 1129.93

i hope this helps

Vik answered Nov 18, 2022

by Vik

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