Question

A boat costs $16,600 and decreases in value by 14% per year. How much will the boat be worth after 11 years?
(A)$2,717.00
(B)$70,155.46
(C)$3,159.30
(D)$16,446.00

Answer 1

Really Big Hint: 1 - 14% = 1 - 0.14 = 0.86

Answer 2

i got A..did I do it right? @tkhunny

Answer 3

What was your answer and how did you get it?

Start: 16600
Year 1: 16600*0.86
Year 2: 16600*0.86*0.86 = 16600 * 0.86^2

Answer 4

I did what you did but i did it til i got to 11 years. @tkhunny

Answer 5

i think i did something wrong..

Answer 6

Did you notice that you can skip straight to year 11?

Year 11: 16600*0.86^11 = 16600*0.1903193578437 = 3159.30