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 Post subject: Geometric ProgrssionsPosted: Fri, 13 May 2011 08:20:46 UTC
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Joined: Mon, 24 Jan 2011 07:41:11 UTC
Posts: 52
Hello!

Suppose that a new car is worth 18,000 and that at the end of each year its value depreciates by 15% of the value it had at the beginning of that year. What will be the car worth at the end of 8 years?

Suppose V be the value of the car at the end of kth year. The value declines by 15% and so at the end of the year its value is 85% of the original value

V=18,000*0.85=15,300
................................
V=V*0.85

Is my approach to the problem correct?

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 Post subject: Posted: Fri, 13 May 2011 09:04:51 UTC
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Joined: Wed, 1 Oct 2003 04:45:43 UTC
Posts: 9642
That is correct. Here's a shorter version:

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 Post subject: Posted: Fri, 13 May 2011 09:10:07 UTC
 Senior Member

Joined: Mon, 24 Jan 2011 07:41:11 UTC
Posts: 52
Oh ok!

Thanks

Mak

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