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The market value of a certain machine decreased by 30...

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by AAPL » Tue Mar 20, 2018 5:03 am
The market value of a certain machine decreased by 30 percent of its purchased price each year. If the machine was purchased in 1982 for its market value of $8,000, what was its market value two years later?

A. $8,000
B. $5,600
C. $3,200
D. $2,400
E. $800

The OA is C.

I solved this PS question as follow,

In 1 year, the price decreases 30%, so in 2 years price decreases 60%.

60% decrease means its current price is 40% of purchase price.

Then, 8000*(40/100) = 3200. Option C.

Is there another approach to solve this question? Can any experts help, please? Thanks in advance!
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by Jeff@TargetTestPrep » Wed Mar 21, 2018 3:21 pm
AAPL wrote:The market value of a certain machine decreased by 30 percent of its purchased price each year. If the machine was purchased in 1982 for its market value of $8,000, what was its market value two years later?

A. $8,000
B. $5,600
C. $3,200
D. $2,400
E. $800
We are given that the market value of the machine decreases by 0.3 x 8000 = $2400 each year.

Thus, the market value decreases to 8000 - 2400 = 5600 in the first year and 5600 - 2400 = 3200 in the second year.

Answer: C

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