Answer: Depreciating at 7% 100 - 7 = 93%
93% = 93/100 = 0.93
0.93 is your factor of depreciation.
There are 9 years between 2004 and 2013
So, you set 9 as power on your factor
0.93^9
Multiply your original value
$192,000 x 0.93^9
= $99,918.93
This is the value of the boat in 2013.
Step-by-step explanation: Hope this helps
