A man buys a car of $ 16,000. He estimates that its value will depreciate each year by 20 per cent of its value at the beginning of the year. Find the depreciated value of the car at the end of 5 year. If the man sets aside at the end of each of the 5 years a certain fixed sum to accumulate at 4 per cent compound interest in order to be able to buy at the end of 5 years another car costing $22,000, find to the nearest cent, and the value of each payment
A man buys a car of $ 16,000. He estimates that its value will depreciate each year by 20 per cent of its value at the beginning of the year. Find the depreciated value of the car at the end of 5 year. If the man sets aside at the end of each of the 5 years a certain fixed sum to accumulate at 4 per cent compound interest in order to be able to buy at the end of 5 years another car costing $22,000, find to the nearest cent, and the value of each payment
