After it has been harvested, corn stored at a particular temperature will lose market value at a rate of 7% per day. If a corn harvest worth $92,389 is being stored at that temperature, what will its market value be in 5 days?
If necessary, round your answer to the nearest cent.
To find the market value of the corn after 5 days, we need to calculate 7% of the original value for each day and subtract it from the original value.
The market value will be 100% - (7% * 5) = 100% - 35% = 65%.
To find the market value in dollars, we multiply the original value by the percentage in decimal form:
92,389 * 0.65 = 60,233.85.
Rounded to the nearest cent, the market value of the corn after 5 days will be $60,233.85.