Im stuck on this question because i keep getting the wrong answer.. Please give me the answer with full working out.
Craigh bought a computer system 3 years ago for $9800. It is now valued $4134. Using the reducing balance method find the annual rate of depreciation.
Here is my working out:
4134 = 9800(1-X)^3
-9800 - 9800
-5666 = (1-X)^3
Cube root each side
-17.83 = 1-x
-18.83 = -x
x = 18.83
Please tell me the errors