Anew car is purchased for 24000 dollars. the value of the car depreciates at 6.75% per year. to the nearest year, how long will it be until the value of the car is 15500 dollars?

5.24 years

Step-by-step explanation:

Given: New car purchased for $24000

           rate of depreciation is 6.75%

           Residual value= $15500 .

First, lets find the amount of depreciation over a period of time.

Amount of depreciation=  

∴ Amount of depreciation = $8500

Lets assume the number of years be "x"

Now, using straight line method to find the number of years to have value of car as $15500.

Amount of depreciation=

∴  

⇒  

dividing both side by 1620

⇒  

∴ x= 5.24 years

Hence, It will take 5.24 years until the value of car is $15500.

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