Question

A car is purchased for $25,500. After each year, the resale value decreases by35%. What will the resale value be after 4years?
Use the calculator provided and round your answer to the nearest dollar.

Answer 1

Price after 1 Year:
25,500 * .35 = 8,925
25,500 - 8,925 = $16,575 ---------> Price after 1 year

Price after 2 years:
$16,575* .35 = 5801.25
$16,575- 5801.25 = $10,773.75 ---------> Price after 2 years

Price after 3 years:
$10,773.75* .35 = 3770.8125
10,773.75 - 3770.8125 = $7,002.9375 ----------> Price after 3 years

Price after 4 years:
$7,002.9375 * .35 = 2451.02812
$7002.9375 - 2451.02812= $4551.90938 ------> Price after 4 years, rounded to the nearest dollar = $4552

Answer 2

Could you help me with another one @word2

Answer 3

sure

Answer 4

A principal of $4000 is invested at 5% interest, compounded annually. How much will the investment be worth after 9years?
Use the calculator provided and round your answer to the nearest dollar.

Answer 5

4000* 0.05= 200
4000-200=3800 -----> First year?

is this how i do it... but a total of 9 times?

Answer 6

yeah basically , but i'll shorten it for you . just do this and you will get your answer 4000 (0.05)^9

Answer 7

$0 ?

Answer 8

no , also for this your not subtracting . your adding key word "compounded annually"

Answer 9

4000* 0.05= 200
4000+200=4200 - first year

4200*0.05 = 210
4200+210 = 4300 - second year

Answer 10

$5000? @word2

Answer 11

nevermind

Answer 12

you got it ?

Answer 13

4300*0.05=215
4300+215=4515---------- 3rd year

4515*0.05=225.75
4515+225.75=4740.75------------4th year

4740.75*0.05=237.0375
4740.75+237.0375=4977.7875------------5th year

4977.7875*0.05=248.889375
4977.7875+248.889375=5226.67688------6th year

5226.67688*0.05=261.333844
5226.67688+261.333844=5488.01072-----7th year

5488.01072*0.05=274.400536
5488.01072+274.400536=5762.41126-----8th year

5762.41126*0.05=288.120563
5762.41126+288.120563=6050.53182-----9th year

Nearest Dollar ---- $6,051

@word2

Answer 14

@princesssleelee you could just use the compound interest formula...

Answer 15

Im unsure of what that is, however, working it out, did i do it correctly?

Answer 16

No, I just submitted my answer and it was incorrect

Answer 17

No way am i checking all that work lol, when there's a single formula for this.
https://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest_files/image002.gif
P is the initial amount
r is the interest rate as a decimal
n is number of times compounded per year
t is number of years

Answer 18

that way does takes a lot of work

Answer 19

try using the formula

Answer 20

6205

Answer 21

A city has a population of 390,000 people. Suppose that each year the population grows by 8.5%. What will the population be after 5 years?


so for this would I use the same formula, doing so gave me
30177456562.5

Answer 22

And it was incorrect...... :/

Answer 23

Of course it's incorrect. Gotta pay attention to whether your answers seem reasonable.

That number is larger than 30 billion. The population of the entire planet is 7 billion.

Answer 24

I looked at that, but i do not know any other way to figure out the problem.

Answer 25

Show your work.

Answer 26

What do you mean?

Answer 27

By show your work? I mean... show your work.

Answer 28

I used a calculator.

Answer 29

Then you typed it in wrong. Show what you typed in.

Answer 30

390000(1+8.5/1)^5

Answer 31

You missed something i wrote earlier "r is the interest rate as a decimal"

I assume you know how to convert a percentage to a decimal.

Answer 32

8.5

Answer 33

It's 8.5%, convert it to a decimal.

Answer 34

0.085

Answer 35

586426 :)

Answer 36

Looks reasonable.

Answer 37

Thank you very much!!