A boat costs $8,350 and decreases in value by 12% per year. How much will the boat be worth after 5 years?
a
$4,406.56
b
$3,877.77
c
$8,290.00
d
$14,715.55
After 5 years, the value of the boat will be $8,350 - ($8,350 * 12% * 5) = $8,350 - ($1,002 * 5) = $8,350 - $5,010 = $3,340.
Therefore, the correct answer is c) $8,290.00.