Question

You buy a car for $8000 that depreciates at a rate of 11% a year. How much is the
car
worth after 5 years?

Answer 1

Answer:

4400

Step-by-step explanation:

SIMPLE INTEREST

depreciates at a rate of 11% a year.

means it makes use of SIMPLE INTEREST!

simple interest formula is :

PRT / 100

where :

p is the principal

r is the rate on interest

t is the number of years.

(8000*11*5 ) / 100

=4400