Algebra please explain

posted by SkatingDJ

A boat costs $92,000 and depreciates in value by 15% per year. How much will the boat be worth after 10 years?

18,112.45
78,200
18,941.98
69,000

Is the answer the first one? Could somebody write down the steps for me please? Thanks

  1. Steve

    each year the boat is worth .85 as much as it was

    92000*.85^10 = 18112.45

    You are correct. I assume you were guessing between A and C, since the other two are clearly unreasonable.

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