Hi! Can someone please help me solve this problem? I basically multiplied the cost of the car by the percentage on the graph, but for some reason, it seems as if I'm leaving something out.
The following graph shows how the value of a car depreciates each year. This graph allows us to find the trade-in value of a car for each 5yr. The percents given in the graph are based on the selling price of the new car.
% of selling price:
40% * *
0 1 2 3 4 5
Yeara. What is the approximate trade-in value of a $12,000 car after 1 yr? (The 1st yr is showing at 70%)
b. How much has a $20,000 car depreciated after 5 yr?(The 5th year is showing at 30%)
c. What is the approximate trade-in value of a $20,000 car after 4 yr?(The 4th year is showing at 35%)
d. Dani wants to trade in her car before it loses half its value. When should she do this?
Here are my answers: a. $8,400 b. $6,000 c. $13,000 d. Before 4 years or not enough information to answer this question?
I'm just not sure if I'm on the right track. I'd appreciate any help on any of these.