The original value of a sculpture is $950, and the value decreases by 15% each year. Find the value of the sculpture in 8 years.

Question

The original value of a sculpture is $950, and the value decreases by 15% each year. Find the value of the sculpture in 8 years.

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Harper 1 month 2021-09-16T00:46:06+00:00 1 Answer 0

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    2021-09-16T00:47:54+00:00

    Answer:

    The value of the sculpture in 8 years is $258.865

    Step-by-step explanation:

    The original value of sculpture = $950

    we are given that the value decreases by 15% each year.

    Formula : N(t)=N_0(1-r)^t

    Where N(t)=Value after t years

    N_0 = Initial value

    r = rate of decrease in decimals

    t = time

    We are supposed to find  the value of the sculpture in 8 years.

    Substitute the values in the formula :

    So,N(t)=950(1-0.15)^8=258.865

    Hence the value of the sculpture in 8 years is $258.865

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