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# Market value and %

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Senior Manager
Joined: 16 Apr 2009
Posts: 251
Schools: Ross
Followers: 1

Kudos [?]: 23 [0], given: 10

Market value and % [#permalink]  12 Aug 2009, 06:29
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Difficulty:

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Question Stats:

80% (02:17) correct 20% (00:29) wrong based on 3 sessions
The market value of a certain machine decreased by 30 percent of its purchase 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
[Reveal] Spoiler:
C

_________________

Keep trying no matter how hard it seems, it will get easier.

Senior Manager
Joined: 25 Jun 2009
Posts: 313
Followers: 2

Kudos [?]: 73 [0], given: 6

Re: Market value and % [#permalink]  12 Aug 2009, 07:00
vannu wrote:
The market value of a certain machine decreased by 30 percent of its purchase 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
[Reveal] Spoiler:
C

C.

Market value in 1982= \$ 8000
Market value in 1983 = \$ 8000- (\$ 8000 x 30/100) = 8000-2400= \$ 5600
Market value in 1984 = Market value in 1983 - (30 % of \$8000)= 5600-2400 = \$3200
SVP
Joined: 05 Jul 2006
Posts: 1542
Followers: 5

Kudos [?]: 76 [0], given: 39

Re: Market value and % [#permalink]  12 Aug 2009, 07:11
nitishmahajan wrote:
vannu wrote:
The market value of a certain machine decreased by 30 percent of its purchase 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
[Reveal] Spoiler:
C

C.

the key is (decrease by 30% of its PURCHASE PRICE)
Senior Manager
Joined: 21 Jul 2009
Posts: 266
Location: New York, NY
Followers: 1

Kudos [?]: 37 [0], given: 23

Re: Market value and % [#permalink]  09 Sep 2009, 13:22
Tricky! This is more like a CPA exam question...
Re: Market value and %   [#permalink] 09 Sep 2009, 13:22
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