ew boat depreciates after it is purchased. The value of the boat 7 years after it was purchased is $25,000 and its value has been decreasing at the rate of 8.2% per year. a. Find the initial value of the boat when it was purchased. b. How many years after it was purchased will the boat's value be $20,000? c. What was its value 3 years after the boat was purchased? et har heen losing value at the rate of