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A boat is worth $8502 new it depreciates at a rate of 13% a year intrest is compounded yearly what is the value after 16 years? (round to nearest penny)

A boat is worth $8502 new it depreciates at a rate of 13% a year intrest is compounded yearly what is the value after 16 years? (round to nearest penny)
asked 107k views
3 votes
A boat is worth $8502 new

it depreciates at a rate of 13% a year
intrest is compounded yearly
what is the value after 16 years? (round to nearest penny)

asked
User Monoy Suronoy
by
8.5k points

1 Answer

3 votes
A=8,502×(1−0.13)^(16)
A=915.86
answered
User David Boike
by
7.6k points
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