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Your self-employed friend tells you that he is able to legally use depreciation write-off on his income tax return for his car, since he uses it part time in his business travel. He said the car is book depreciated over a 5-year period by the SL method and after 3 years it has BV₃ = $62,000 with an annual depreciation of $22,000.

NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to this part.

Determine what he assumed to be the trade-in value after 5 years.

The trade-in value that he asssumed to be was $ .____