A boat is worth $7,000 when it is 5 years old and $2,000 when it is 10 years old. What is the rate of depreciation?

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter7: Conic Sections And Quadratic Systems
Section7.CM: Cumulative Review Exercises
Problem 51CM
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A boat is worth $7,000 when it is 5 years old and $2,000 when it is 10 years old. What is the rate of depreciation?
O $2,000
O $500
O $1,000
O $5,000
here to search
N
Transcribed Image Text:A boat is worth $7,000 when it is 5 years old and $2,000 when it is 10 years old. What is the rate of depreciation? O $2,000 O $500 O $1,000 O $5,000 here to search N
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