A new car depreciates at a rate of 15% per year. What is the expected value of a $25,000 car after 5 years (rounded to nearest whole dollar)?
Question
Answer:
The answer to the question above is letter B. The new car depreciates at the rate of 15% per year. The expected value of the car after 5 years is $11,093. to explain the calculation of the answer :year amount % interest total 1 25000 0.15 3750 21250 2 21250 0.15 3187.5 18062.5 3 18062.5 0.15 2709.375 15353.13 4 15353.13 0.15 2302.969 13050.16 5 13050.16 0.15 1957.523 11092.63
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