Thinking Mathematically (6th Edition)

Published by Pearson
ISBN 10: 0321867327
ISBN 13: 978-0-32186-732-2

Chapter 1 - Problem Solving and Critical Thinking - 1.3 Problem Solving - Exercise Set 1.3: 26

Answer

$\$23,550$

Work Step by Step

An automobile was purchased for $\$34,800$. $7$ years later, it's worth $\$8550$. The difference in the prices is: $34,800-8550=26,250$ dollars. Assuming the car's value depreciated steadily, it depreciated at the rate of: $26,250\div7=3,750$ dollars per year. This would make the car's price after 3 years: $34,800-3*3,750=34,800-11,250=23,550$ dollars.
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