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Colin buys a tv for £800. It depreciates at a rate of 4% per year. How much will it be worth in 3 years? Give your answer to the nearest penny where appropriate

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samuelonum1

Answer:

£707.8

Step-by-step explanation:

Given data

Price=  £800

Rate= 4%

Time= 3 years

Let us apply the compounding formula

A=P(1-r)^r-------------Note the negative sign is because of depreciation

substitute

A= 800(1-0.04)^3

A= 800(0.96)^3

A=800*0.884736

A=  £707.8

Hence the value will be £707.8

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