Answer:
The value of the boat after 3 years is [tex]\$3,684.75[/tex]
Step-by-step explanation:
we know that
The formula to calculate the depreciated value is equal to
[tex]V=P(1-r)^{x}[/tex]
where
V is the depreciated value
P is the original value
r is the rate of depreciation in decimal
x is Number of Time Periods
in this problem we have
[tex]P=\$6,000\\r=15\%=15/100=0.15\\x=3\ years[/tex]
substitute
[tex]V=6,000(1-0.15)^{3}[/tex]
[tex]V=6,000(0.85)^{3}[/tex]
[tex]V=\$3,684.75[/tex]
