I really need help!
1. A tractor costs $18,400 and depreciates in value by 14% per year. How much will the tractor be worth after 4 years? Please help!! ASAP

2. Find the balance in the account. Give the numeric answer.

$1,000 principal earning 2%, compounded monthly, after 32 years.

Question

I really need help!
1. A tractor costs $18,400 and depreciates in value by 14% per year. How much will the tractor be worth after 4 years? Please help!! ASAP

2. Find the balance in the account. Give the numeric answer.

$1,000 principal earning 2%, compounded monthly, after 32 years.

trueangel12312 · Answer

$10,304 for the first question, and $90402.91 for the second?

celticcat · Answer

Its value at the end of each year is (100-14) = 86% of value at beginning of the year.

trueangel12312 · Answer

What does that mean? Is that the answer??

celticcat · Answer

it means that after 4 years its value will be 18,400 * 0.86^4

trueangel12312 · Answer

10064.950144

celticcat · Answer

yea $10,064.95

trueangel12312 · Answer

What about next one?

trueangel12312 · Answer

was I right 90402.91

trueangel12312 · Answer

I only have 5 min o.o

celticcat · Answer

this one   is 
1000(1 + (0.02/12))^(32*12)