Concept explainers
To determine the average annual depreciationrate of price of tractor.
Answer to Problem 20P
The average annual rate of depreciation is approximately 20.5%
Explanation of Solution
Given information:
New tractor cost $8000
Dicreased value to $3200 in 4 years.
We shall use the formula of depreciation,
We put the values from the question.
Here we have to find the rate
Initial value is
Hence we get,
Hence the average annual rate of depreciation is approximately 20.5%
Chapter 10 Solutions
Algebra and Trigonometry: Structure and Method, Book 2
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