Question

In the year 2003, a person bought a new car for $21500. For each consecutive year

after that, the value of the car depreciated by 10%. How much would the car be worth
in the year 2007, to the nearest hundred dollars?

Answer 1

The car would be worth approximately $14105 in the year 2007.

Step-by-step explanation:

To find out how much the car would be worth in the year 2007, we need to calculate the annual depreciation of the car. The car depreciates by 10% each year, so the value of the car after each year can be calculated using the formula:

Value = Initial Value x (1 - Depreciation Rate)

Substituting the given values, we have:

Value in 2007 = $21500 x (1 - 0.10) x (1 - 0.10) x (1 - 0.10) x (1 - 0.10) = $21500 x 0.9 x 0.9 x 0.9 x 0.9 = $21500 x 0.6561

Calculating this, we find that the car would be worth approximately $14105 in the year 2007, to the nearest hundred dollars.

Answer 2

i believe the answer would be $12,900