A 17 year old machine is assumed to have depreciated continuously at an annual rate of 9% and now its re-sale value is £16000. What was the original purchase price of the machine? Give your answer to the nearest whole number.

A 17 year old machine is assumed to have depreciated continuously at an annual rate of 9% and now its re-sale value is £16000. What was the original purchase price of the machine? Give your answer to the nearest whole number.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 8PA: Referring to PA7 where Kenzie Company purchased a 3-D printer for $450,000, consider how the...

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Question

A 17 year old machine is assumed to have depreciated continuously at an annual rate of 9% and now its re- sale value is
£16000. What was the original purchase price of the machine? Give your answer to the nearest whole number.

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