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A certain car was purchased for $18,900. The car
has a resale value of $12,300 after a useful life of
6 years. What is the book value of this car after 3
years?
Book value = $[?]
Round to the nearest hundredth.

Respuesta :

Answer:

$15,246.97

Step-by-step explanation:

12,300 / 18900/12300 =1.53658537 = 53.658% from 1-6 years total

we want 1 year percentage and know its 7.4% as 53.658/6 = 8.943% a year - 1.5 being 1/4 = 7.4%

= 12300 x 1.074219^6

12300 x 1.074219^6 = 189000

We try again including all decimals

12300 x 1.074219^3 =15246.9719 = 15246.97 rounded to nearest 100th decimal.

 

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