Manny purchased a new car this year for 20,500 The car is expected to depreciate at an annual rate of 16%
About how much will manny's car be worth after 5 years? Round to the nearest dollar.
a) 43,377 b) 43,057 c) 9858 d) 8573
20500 - ( 20500/100*16)= 20500-3280=17220
17220 - (17220/100*16) = 17220- 2755.20= 14464.80
14464.8 - (14464.8/100*16) = 14464.80 - 2314.37=12147.43
12147.43 - (12147.43/100*16) =12147.43- 1943.59=10203.84
10203.84 -(10203.84/100*16)=10203.84-1632.61= 8571.23
BUT I rounded as I went otherwise it would have taken longer to write but you can add it and by my answer it would be D - you can check it :)
