a car sells for $25000. if the rate depreciation is 15% what is the value of the car after 7 years
watch me whip watch me nae nae
25000(1-0.17)7
gjb
To find the value of the car after 7 years, we need to apply the rate of depreciation to the initial selling price.
The rate of depreciation is given as 15%, which means that each year, the car's value decreases by 15% of the previous year's value.
We can calculate the value of the car after each year using the following formula:
Value after each year = Initial value - (Rate of depreciation * Initial value)
Let's calculate the value of the car after 7 years step by step:
Year 1:
Value after Year 1 = $25000 - (0.15 * $25000)
Value after Year 1 = $25000 - $3750
Value after Year 1 = $21250
Year 2:
Value after Year 2 = $21250 - (0.15 * $21250)
Value after Year 2 = $21250 - $3187.50
Value after Year 2 = $18062.50
Year 3:
Value after Year 3 = $18062.50 - (0.15 * $18062.50)
Value after Year 3 = $18062.50 - $2709.38
Value after Year 3 = $15353.12
Continue this process for the remaining years until Year 7.
Year 4:
Value after Year 4 = $13050.15
Year 5:
Value after Year 5 = $11092.62
Year 6:
Value after Year 6 = $9438.74
Year 7:
Value after Year 7 = $8022.93
Therefore, after 7 years, the value of the car will be approximately $8022.93.