A motor cycle purchased for $9,000 today will be worth 6% less each year. For what can you expect to sell the motorcycle at the end of 5year

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A motor cycle purchased for $9,000 today will be worth 6% less each year. For what can you expect to sell the motorcycle at the end of 5years

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Delwyn 5 years 2021-08-15T18:08:03+00:00 1 Answers 13 views 0

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  1. Jezebel
    0
    2021-08-15T18:09:12+00:00
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    Answer:

    $5,956.2

    Step-by-step explanation:

    First we need to find the amount after 5years using the formula

    A =P(1+r)^n

    A = 9000(1+0.06)^5

    A = 9000(1.06)^5

    A = 9000(1.3382)

    A = 12,043.8

    Interest after 5 years = 12,043.8 – 9000

    Interest after 5 years = 3,043.8

    Since it will be worth 6% less each year, the amount after 5years will be 9000 – 3,043.8 = $5,956.2

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