Question

car is depreciating at a rate of 4% per year. If she bought it in 2019 for $12,500, when will it be worth $9,000? I need help asap

Answer 1

It will be worth $9,000 in 2026.

Explanation:

$12,500 * 0.04 = 500; thus, you subtract 500 from the total for each year.

2020: 12,500 - 500 = 12,000

2021: 12,000 - 500 = 11,500

2022: 11,500 - 500 = 11,000

2023: 11,000 - 500 = 10,500

2024: 10,500 - 500 = 10,000

2025: 10,000 - 500 = 9,500

2026: 9,500 - 500 = $9,000.