Question

The original value of a sculpture is $950, and the value decreases by 15% each year. Find the value of the sculpture in 8 years.

Answer 1

The value of the sculpture in 8 years is $258.865

Explanation:

The original value of sculpture = $950

we are given that the value decreases by 15% each year.

Formula :
`N(t)=N_0(1-r)^t`

Where N(t)=Value after t years

`N_0 =` Initial value

r = rate of decrease in decimals

t = time

We are supposed to find the value of the sculpture in 8 years.

Substitute the values in the formula :

So,
`N(t)=950(1-0.15)^8=258.865`

Hence the value of the sculpture in 8 years is $258.865