Question

A new car is purchased for \$47,000$47,000 and over time its value depreciates by one half every 4.5 years. What is the value of the car 23 years after it was purchased, to the nearest hundred dollars?

Answer 1

The value of the car 23 years after it was purchased, with a half depreciation every 4.5 years, is approximately $1,500.

Step-by-step explanation:

To calculate the value of the car 23 years after it was purchased, we need to determine how many times the car's value will be halved over that time period. Since the car value depreciates by half every 4.5 years, we can divide 23 by 4.5 to find out how many times the value will be halved:

23 / 4.5 = 5.11 (approximately)

Therefore, the value of the car will be halved 5 times. Starting from the initial value of $47,000, we can calculate the value after each halving:

First halving: $47,000 / 2 = $23,500

Second halving: $23,500 / 2 = $11,750

Third halving: $11,750 / 2 = $5,875

Fourth halving: $5,875 / 2 = $2,937.50

Fifth halving: $2,937.50 / 2 = $1,468.75

Rounding the value to the nearest hundred dollars, the value of the car 23 years after it was purchased is approximately $1,500.

Answer 2

it’s is 47,027.5 you need to add