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Math Help - Depreciation help

  1. #1
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    Depreciation help

    I just can't seem to get the answer right here, really infuriating!

    'A machine depreciates by 7% p.a. Its price when new is 8000. Calculate its depreciated value after 5 years, depreciated monthly.'

    Please can someone help in terms of the appropriate method to use?
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  2. #2
    MHF Contributor
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    Re: Depreciation help

    depreciation rate per month ... \frac{.07}{12}

    V(t) = 8000 \left(1 - \frac{.07}{12}\right)^{60}
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