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Colleen's station wagon is depreciating at a rate of9% per year. She paid $24,500 for it in 2002. What will the car be worth in 2010 to the nearest dollar?

 Mar 22, 2021
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9% per  year  means that  every successive year it is worth  100  - 9   =  91%  of what it was the previous year

 

And  2010 - 2002   =  8 years

 

So

 

24500 (.91)^8   ≈  $11521

 

 

cool cool cool

 Mar 22, 2021

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