A new $12000 automobile decreases in value by 25% each year. What is its value during the 8th year?

A new $12000 automobile decreases in value by 25% each year. What is its value during the 8th year?
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At the end of each year, the vehicle is worth 0.75 of its value at the beginning of the year. After 8 years this decreases to 0.75⁸ its original value, 0.10011×12000=$1201 approx.

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