your friend purchased a van for $19,550. the van depreciates at a rate of 20% per year. after 5 years, your…

your friend purchased a van for $19,550. the van depreciates at a rate of 20% per year. after 5 years, your friend decides to sell the van. what is the value of the van after 5 years? use this formula: $fv = pv(1 - r)^t$ enter the dollar amount rounded to the nearest cent. your answer: answer question 20 (3.3 points) the wage amount listed on your w - 2 is $119,145.34. you also have interest income from a 1099 - int of $863.82, and you won $3,968.00 in a raffle. calculate the gross income. enter the dollar amount rounded to the nearest cent.

your friend purchased a van for $19,550. the van depreciates at a rate of 20% per year. after 5 years, your friend decides to sell the van. what is the value of the van after 5 years? use this formula: $fv = pv(1 - r)^t$ enter the dollar amount rounded to the nearest cent. your answer: answer question 20 (3.3 points) the wage amount listed on your w - 2 is $119,145.34. you also have interest income from a 1099 - int of $863.82, and you won $3,968.00 in a raffle. calculate the gross income. enter the dollar amount rounded to the nearest cent.

Answer

Explanation:

Step1: Identify values for van - depreciation

$PV = 19550$, $r=0.2$, $t = 5$

Step2: Substitute values into formula

$FV=19550\times(1 - 0.2)^{5}=19550\times0.8^{5}$

Step3: Calculate $0.8^{5}$

$0.8^{5}=0.8\times0.8\times0.8\times0.8\times0.8 = 0.32768$

Step4: Calculate $FV$

$FV=19550\times0.32768 = 6406.144\approx6406.14$

Step5: Calculate gross - income

For the gross - income problem, add all income sources. Gross income=$119145.34 + 863.82+3968.00$ $=119145.34+4831.82=123977.16$

Answer:

$6406.14$ $123977.16$