Question

In the year 2006, a person bought a new car for $28500. For each

consecutive year after that, the value of the car depreciated by 14%. How
much would the car be worth in the year 2010, to the nearest hundred
dollars?

Answer 1

$ 15,600

Explanation:

Given that =

% = 14

Therefore,

Value after depreciation (annual) =

100 × initial value - (percentage × initial value) / 100

We get:

Value after depreciation (in 2007) =

100 × 28500 - (14 × 28500) / 100

2850000 - 399000 / 100 =

2451000 / 100 =

$ 24510

Value after depreciation (in 2008) =

100 × 24510 - (14 × 24510) / 100

2451000 - 343140 / 100 =

2107860 / 100 =

$ 21078.6

Value after depreciation (in 2009) =

100 × 21078.6 - (14 × 21078.6) / 100

2107860 - 295100.4 / 100 =

1812759.6 / 100 =

$ 18127.596

Value after depreciation (in 2010) =

100 × 18127.596 - (14 × 18127.596) / 100

1812759.6 - 253786.344 / 100 =

1558973.256 / 100 =

$ 15589.73256 =

(rounded to the nearest hundred dollars) =

$ 15,600

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