Tonya buys a car for $23,000. The value of the car decreases at a rate of 3% per year. How much will the car be worth in 5 years?

Tonya buys a car worth 23,000 dollars. It decreases its value by 3% every year. Let's find out the cost of the car after 5 years.

=> 23 000 dollars *.03 = 690 dollars

=> 23 000 - 690 = 22 310 dollars for 1st year

=> 22 310 dollars *.03 = 669.3 dollars

=> 22 310 dollars - 669.3 dollars = 21 640.7 dollars 2nd year.

=> 21 640.7 dollars *.03 = 649.221 dollars

=> 21 640.7 dollars - 649.221 dollars = 20 991.48 dollars for 3rd year

=> 20 991.48 dollars *.03 = 629.74 dollars

=> 20 991.48 dollars - 629.74 dollars = 20 361.74 dollars for 4th year

=> 20 361.74 dollars *.03 = 610.85 dollars

=> 20 361.74 dollars - 610.85 dollars = - 19 750.89 dollars for 5th year