The following shows how the value of a car depreciates each year. Find the trade-in value of a car for each 5 yr. The percents given are based on the selling price of the new car...
a. What is the approximate trade-in value of a $12,000 car after 1 yr if the selling price of a new car is 70%?
b. How much has a $20,000 car depreciated after 5 yr if the selling price of a new car is 30%?
c. What is the approximate trade-in value of a $20,000 car after 4 yr if the selling price of a new car is 35%?
d. Dani wants to trade in her car before it loses half its value. When should she do this?
My answers are: a. $8,400 b. $6,000 c. $13,000 d. Within 2 years.
Do any of my answers appear to be correct? Thank you.
Thank you. I apologize about the confusion but the percentages represented the percent of the selling price of the new car which was on a graph. But when I previously graphed the information and posted it, it didn't come out right. I tried to word it the best way I could, but thanks for the advice.