Concept explainers
To explain: If the family should sell car for 4000 dollars.
Answer to Problem 33PPE
The family shouldn’t sell the car for 4,000 dollars
Explanation of Solution
Given information:
Family buys a car for 20,000 dollars
The value of the car decreases 20% each year
Calculation:
The formula for the depreciation is:
Now,
Put the values in formula:
Negative because the value of car decreasing each year
Value of car after 6 years
Hence, the family shouldn’t sell the car for 4,000 dollars as after 6 years the actual value will be 5,242 dollars approximately
Chapter 7 Solutions
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