Mark purchased a new motorcycle for $23,000. If the value of the motorcycle decreases by 15% each year, what will it be worth in 5 years?

Mark purchased a new motorcycle for $23,000. If the value of the motorcycle decreases by 15% each year, what will it be worth in 5 years?

 
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2 Answers

Time t, = 5

Initial Price, P = 23000

rate, r = -15

Formula used, Final price = P*(1+r/100)^t

Final price = 23000*(1-15/100)^5 = $10205.2221875

by Level 8 User (30.1k points)
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