On 1st January 2016 Li bought a boat for $170000 The value of the boat depreciates by 8% per year. Work

Question

On 1st January 2016 Li bought a boat for $170000

The value of the boat depreciates by 8% per year.

Work out the value of the boat on 1st January 2019

Give your answer correct to the nearest dollar.

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Isabelle 1 month 2021-10-17T13:54:37+00:00 1 Answer 0 views 0

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    2021-10-17T13:55:44+00:00

    Answer: $132,376.96

    Step-by-step explanation:

    The cost of the boat was $170,000, but every year, the value depreciated by 8% and he bought the boat 2016.

    In 2017, the boat depreciated by 8%,

    8/100 * $170000 = $13,600.

    $170,000 – $13600 = $156,400.

    In 2018, the boat depreciated by 8%

    8/100 * $156,400 = $12,512

    $156,400 – $12,512 = $143,888

    In 2019, the boat depreciated by 8%

    8/100 * $143,888 = $11,511.04

    $143,888 – $11,511.04 = $132,376.96

    The current value of the boat is $132,376.96

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