A $60,000 machine depreciates in value at a rate of 11% per year. About what will its value be in 5 years?
This is a Deperciation problem right.
60,000(1-.11)^5
It should give you $33,504.36.
Someone check me on this please.
But I think this is right what I did.
If anyone has comments please post.
$33,504
(I took the test and this was the correct answer)
Double check ur work Mia.
Your doing your math wrong.
Its $33,504 I did it and got that too. UwU
To find the approximate value of the machine in 5 years, we need to calculate the depreciation for each year and subtract it from the original value.
First, we can calculate the annual depreciation amount:
Depreciation = Original Value * Depreciation Rate
Depreciation = $60,000 * 11% = $6,600
Next, we can determine the value of the machine at the end of each year by subtracting the depreciation amount:
Year 1: $60,000 - $6,600 = $53,400
Year 2: $53,400 - $6,600 = $46,800
Year 3: $46,800 - $6,600 = $40,200
Year 4: $40,200 - $6,600 = $33,600
Year 5: $33,600 - $6,600 = $27,000
Therefore, the approximate value of the machine in 5 years will be around $27,000.