3.

A farmer buys a new tractor for $75,000. If the tractor depreciates in

value by about 6% per year, how much will it be worth after 15 years?

a $22.992

b

$11,219

C $17,431

$29,647

Option D. $29,647

Step-by-step explanation:

The following were obtained from the question:

Present value = $75,000

Rate of depreciation (R) = 6%

Time (t) = 15 years

Amount after 15 years =?

Since the worth of the tractor is depreciating, we shall apply the following formula to obtain the worth after 15 years:

Amount = present value x (1 – R)^t

Amount = $75000 x (1 – 6%)^15

Amount = $75000 x (1 – 0.06)^15

Amount = $75000 x (0.94)^15

Amount = $29647

Therefore, the value of the tractor after 15 years is $29647

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