Problema Solution
a car costs $7820 and loses 30% of its value per year. find the value of the car in 5 years
Answer provided by our tutors
a car costs $7820
after 1 year the cost of the car will be: 7820*0.70
after 2 years the cost of the car will be: 7820*0.70*0.70 = 7820*(0.70^2)
after 3 years the cost of the car will be: 7820*0.70*0.70*0.70 = 7820*(0.70^3)
after 5 years the cost of the car will be: 7820*(0.70^5) = $1,314.31
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the value of the car in 5 years will be $1,314.31.