Maya purchased a boat for $18,340. Its value depreciated by 15% in the first year she owned it. What was her boat worth at the end of this first year?
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Detailed Explanation
One way to solve this is to multiply 0.15 by 18,340, and then subtract this result from 18,340. An easier way is to recognize that the boat will still retain (100% - 15% = 85%) of its value at the end of the first year. So you can just multiple 0.85 by 18,340:
0.85 × 18,340 = 15,589.
0.85 × 18,340 = 15,589.
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