1. Questions

check/ help!

a new car depreciate by 20% in its first year. Each succeding year its depreciate by 10% assume the car is still good working condition after ten years. if the car costs $25000, calculate the value of the car after 10 years?

At 0 yrs, the value is $25000
After 1 year it is only 80% of its first value = 0.8 * 25000 = $20000
After 2 years it is worth 90% of its value at 1 yr = 0.9*20000 = $18000
After 3years it is worth 90% of its value at 2 yrs= 0.9*18000 = $16200
After 4 years it is worth 90% of its value at 3 yrs = 0.9*16200 = $14580
After 5 yrs value =$13122
After 6 yrs value =$11809.80
After 7 yrs value =$10628.82
After 8 yrs value =$ 9565.93
After 9 yrs value = $ 8609.34
After 10 yrs value = $7748.40

my question is is there an eaiser way to figure this question out like a formula I would use? and is my answer correct?


Is there an easier (or more convenient way) to calculate this? Yes, just look at how your calculations are progressing
Yr 1 Value = Price - 20% = P*.8
Yr 2 Value = P*.8*.9
Yr 3 Value = P*.8*.9*.9=P*.8*.92
Yr 4 Value = P*.8*.93
so in
Yr n Value = P*.8*.9n-1
For the 10th year it would be
Yr 10 Value = P*.8*.99
Are your answers correct? I'll let you answer that.

  1. 👍
  2. 👎
  3. 👁
ben!

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math (Pre-Cal) (Exponential Functions)

    A car was valued at $38,000 in the year 2003. The value depreciated to $11,000 by the year 2009. Assume that the car value continues to drop by the same percentage. -What will the value be in the year 2013?

  2. Math

    The average monthly payment on a new car is $523. The interest on a car loan is $8469 a year. The average monthly cost of gasoline is $146. Monthly maintenance and repairs is $99. Registration, fees, and taxes are $145 a year. The

  3. Math

    A car depreciated (decreased in value) by 25% during the first year. If the car were purchased for $28,000, what is the car worth at the end of the first year?

  4. Math

    Kevin is trying to determine whether to lease or purchase a car. The purchase price is $42,000 and he has been approved for a 4- year loan with a 5.75% interest rate. He assumes the car's value will depreciate 8% each year, and he

  1. Math

    Suppose the first Friday of a new year is the fourth day of that year. Will the year have 53 Fridays regardless of whether or not it is a leap year? What is a rule that represents the sequence of the days in the year that are

  2. Math

    So im having trouble with this QUESTION ::: Its suppose you buy a car with a value of $9,250. Each year the value of your car will depreciate by 5.1%. How much will your car be worth in 8 years? So I did the problem 9250 / 100=

  3. math

    Mr. kumar bought a car for $5,000 during the first year, it's value depreciated by 20%. what was the value of the car after one year.

  4. algebra

    ben bought a car for $20,000 in 2003. The car depreciates at a constant rate of 21% per year . Find the price of the car in the year 2010 . Round to nearest dollar

  1. Math-probabilities

    The table below shows the number of deaths in the U.S. in a year due to a variety of causes. For these questions, assume these values are not changing from year to year, and that the population of the United States is 312 million

  2. Math

    A company is deciding between two different car models as it updates its fleet of cars. The purchase price for model A is $30,000, and the price for model B is $35,000. However, model A has an average gas mileage of 27 miles per

  3. algebra 2

    Car depreciation- The value of a new car purchased for $20,000 decreases by 10% per year. Write an exponential decay model for the value of the car. Use the model to estimate the value after one year.

  4. Algebra

    Two different cars each depreciate to 60% of their respective original values. The first car depreciates at an annual rate of 10%. The second car depreciates at an annual rate of 15%. What is the approximate difference in the ages

You can view more similar questions or ask a new question.