Question

A vehicle purchased for $
27500
depreciates at a constant rate of
6
%.

Determine the approximate value of the vehicle
15
years after purchase.

Answer 1

Answer:

$10,870

Step-by-step explanation:

we can multiply the initial value (27500) by (1-.06), or 0.94, raised to the 15th power

27500(.94)^15 = 10,870.52