Please help!!!! :(
A Company had a total debt of $320,000 in 1980. Between 1980 and 1987 it was able to reduce debt 15% each year. Approximate the company's debt in 1987 to the nearest $1000.

Question

Please help!!!! :(
A Company had a total debt of $320,000 in 1980. Between 1980 and 1987 it was able to reduce debt 15% each year. Approximate the company's debt in 1987 to the nearest $1000.

mathstudent55 · Answer

If the debt was reduced by 15% each year, that means the debt became 85% of what it was each year.

anonymous · Answer

320,000 (1 - 0.15)^7 = 102584.67

about $130,000

mathstudent55 · Answer

Start with $320,000 and multiply it by 0.85. Then just multiply it again by 0.85. Keep doing this multiplication until you have multiplied by 0.85 7 times.