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11 January, 14:52

A boat costs 16,000 and decreases in value by 14% per year. How much will the boat be worth after 11 years?

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  1. 11 January, 16:56
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    Answer

    = 3,045.10

    Explanation

    A = P (1 - 14/100) ⁿ

    A = 16,000 (1-0.14) ¹¹

    = 16,000 * 0.86¹¹

    = 16,000 * 0.190319

    = 3,045.109725
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