Question

In the year 2003, a person bought a new car for $13500. For each consecutive year after that, the value of the car depreciated by 7%. How much would the car be worth in the year 2005, to the nearest hundred dollars?

Answer 1

13500x0.07 = 945

945 x 2 = 1890

13500 - 1890 = 11610

To the nearest hundred dollars: 11,600

ANSWER: 11,600