Colin buys a tv for £690. It depreciates at a rate of 2% per year. How much will it be worth in 6 years? Give your answer to the nearest pen

Question

Colin buys a tv for £690. It depreciates at a rate of 2% per year. How much will it be worth in 6 years? Give your answer to the nearest penny where appropriate.

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Vân Khánh 3 years 2021-08-23T12:47:33+00:00 1 Answers 86 views 0

Answers ( )

    0
    2021-08-23T12:49:08+00:00

    Answer: £611.23

    Step-by-step explanation:

    The tv is depreciating at a rate of 2% per year. At this rate, the value after 6 years can be acquired using the future value formula:

    = Current price * (1 + growth rate) ^ no. of years

    Growth rate is negative because it is depreciating:

    = 690 * (1 – 2%)⁶

    = ‭611.23124279616‬

    = £611.23

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