Question

the value of a $13,000 car is decreasing at a rate of 7% each year. What will the car be worth after 6 years?

Answer 1

Explanation:

The value of the car decreases by 7% each year, which means that after one year, the car will be worth 93% of its original value (100% - 7% = 93%). Therefore, after 6 years, the car will be worth:

$13,000 x 0.93 x 0.93 x 0.93 x 0.93 x 0.93 x 0.93 = $7,725.46

So, after 6 years, the car will be worth approximately $7,725.46.