John purchases a new bike for 880 US dollars, but pays for it with his Canadian credit card. The transaction fee to convert this purchase into canadian dollars is 4.2%, The exchange ate is 1 USD = 1.25 CAD John insures his bicycle with a US company. The insurance company produces the following values to show the bicycles value during each year. 1st year = 880 USD 2nd year = 704 USD 3rd year = 563.20 The values of the bicycle form a geometric sequence. During the 1st year, John pays 120 USD to insure his bicycle. Each year, the amount he pays to insure his bicycle is reduced by 3.50 USD. A) Calculate, in CAD, the total amount John pays for the bicycle. B) Find the value of the bicycle during the 5th year. Give your answer to two decimal places. C) Calculate, in years, when the bicycle value will be less than 50 USD D) Find the total amount John has paid to insure his bicycle for the first five years. Please show work.
John purchases a new bike for 880 US dollars, but pays for it with his Canadian credit card. The transaction fee to convert this purchase into canadian dollars is 4.2%,
The exchange ate is 1 USD = 1.25 CAD
John insures his bicycle with a US company. The insurance company produces the following values to show the bicycles value during each year.
1st year = 880 USD
2nd year = 704 USD
3rd year = 563.20
The values of the bicycle form a geometric sequence.
During the 1st year, John pays 120 USD to insure his bicycle. Each year, the amount he pays to insure his bicycle is reduced by 3.50 USD.
A) Calculate, in CAD, the total amount John pays for the bicycle.
B) Find the value of the bicycle during the 5th year. Give your answer to two decimal places.
C) Calculate, in years, when the bicycle value will be less than 50 USD
D) Find the total amount John has paid to insure his bicycle for the first five years.
Please show work.
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