Question

Mr. Ingle purchased a Prius for $42,500. If the car depreciates at a rate of 10%, what is
the value of the car after 7 years?

Answer 1

Based on the cost of Mr. Ingle's car and the depreciation rate, the value after 7 years will be $20,327.62.

What would be the value after 7 years?

This can be found by the formula:

= Cost of car x ( 1 - depreciation rate) ^ number of years given

Solving gives:

= 42,500 x (1 - 10%)⁷

= 42,500 x 0.4782969

= $20,327.62

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