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The original value of a car is $15,000, and it depreciates (loses value) by 20% each year. What is the value of the car after three years?

1 Answer

Jun 6, 2017

The value of the car after #3# years is #$7680.00#

Explanation:

Original value , #V_0 = $15000 # , depriciation rate is #r=20/100=0.2# ,period , #t=3# years

#V_3=? ; V_3 = V_0(1-r)^t= 15000*(1-0.2)^3# or

#V_3= 15000*(0.8)^3= 7680.00#

The value of the car after #3# years is #$7680.00# [Ans]

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