Question

A boat costs $19,700 and decreases in value by 11% per year. How much will the boat be worth after 3 years?

$13,887.89
$19,667.00
$12,360.22
$26,942.33

Answer 1

At the end of year 1 the boat will be worth $(19,700 * 0.89). The the end of year 2 it will be worth $(19,700 * 0.89 *0.89 and at the end of year 3) it will be worth:
\[\large 19700\times0.89\times0.89\times0.89=$(you\ can\ calculate)\]

Answer 2

Thankyou :)

Answer 3

you're welcome :)