Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A car was valued at $ 4 5 , 0 0 0 in the year 1 9 9 5 . The value depreciated to $

A car was valued at $45,000 in the year 1995. The value depreciated to $11,000 by the year 2006.
A) What was the annual rate of change between 1995 and 2006?
r= Round the rate of decrease to 4 decimal places.
B) What is the correct answer to part A written in percentage form?
r=%.
C) Assume that the car value continues to drop by the same percentage. What will the value be in the year 2010?
value =$ Round to the nearest 50 dollars.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

F For Quantitative Finance

Authors: Johan Astborg

1st Edition

1782164626, 978-1782164623

More Books

Students also viewed these Finance questions

Question

What are the ethical considerations for running this group? (D10)

Answered: 1 week ago

Question

b. Explain how you initially felt about the communication.

Answered: 1 week ago