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Math Help - Help!

  1. #1
    Newbie
    Joined
    Apr 2008
    Posts
    3

    Cool Help!

    Ok heres the question I am brain blocked

    Suppose you bought a car in the mid 2006 for $10,000. if its value depreciates steadily at 12% per year what will its value be in mis 2009?

    Also: What is the annual rate of increase of the us population? could not find this anywhere....let me know if and where you can find it
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  2. #2
    Super Member

    Joined
    May 2006
    From
    Lexington, MA (USA)
    Posts
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    651
    Hello, Ashley!

    There is a formula for this situation,
    . . but you can talk your way through it . . .


    Suppose you bought a car in 2006 for $10,000.
    If its value depreciates steadily at 12% per year
    what will its value be in 2009?
    Each year, the value is only 88% of the previous year's value.


    In 2006, it was worth: .$10,000.

    In 2007, it was worth: . 0.88 \times \$10,000 \:=\:\$8,800

    In 2008, it was worth: . 0.88 \times \$8,800 \:=\:\$7,744

    In 2009, it is worth: . 0.88 \times \$7,744 \:=\:\$6,814.72

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