i need help with this question
Lyle purchased a motorcycle for $13,430. It depreciates about 4.1% each year. What is the value of the motorcycle after seven years?
a$13,112.07
b$9,575.59
c$10,018.58
d$17,792.26

Question

i need help with this question 
Lyle purchased a motorcycle for $13,430. It depreciates about 4.1% each year. What is the value of the motorcycle after seven years? 
a$13,112.07
 b$9,575.59
 c$10,018.58
 d$17,792.26

jim_thompson5910 · Answer

You would use the formula 

$$\Large FV = P(1+r)^t$$

FV = final value
P = initial value
r = rate of increase or decrease per year
t = time in years

jim_thompson5910 · Answer

initial value is $13,430, so P = 13,430

you have a depreciation of 4.1% so r = -0.041 (negative due to depreciation)

t = 7 years

jim_thompson5910 · Answer

does that help? or no?