Question
A car depreciates by 40% in the first year, 30% in the second year and 20% thereafter. I buy a car for $14 700 when
A car depreciates by 40% in the first year, 30% in the second year and 20% thereafter. I buy a car for $14 700 when it is 2 years old.
(a) How much did it cost when new?
(b) After how many years will it be worth less than 25% of the amount that I paid for it?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
11th International Edition
1259094901, 9781259094903
