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George invested $18,500 five years ago and unfortunately the investment has been losing 6% of its value each year. What is the current value of his investment? Round to the near…

George invested $18,500 five years ago and unfortunately the investment has been losing 6% of its value each year. What is the current value of his investment? Round to the near…
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1 vote
George invested $18,500 five years ago and unfortunately the investment has been losing 6% of its value each year. What is the current value of his investment? Round to the nearest cent.

User Bertrand
by
8.2k points

1 Answer

4 votes

Answer:

$13,577.22

Explanation:

Multiply 18,500 by 0.94 for each year

User Soydan
by
8.0k points
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