The original price of a leather sofa is $9000.

If its value is $2361.59 after 8 years find the depriciation rate.

Give your answer to 1 decimal place

To find the depreciation rate, we can use the formula for depreciation using the straight-line method:

\[
\text{Depreciation Rate} = \left(\frac{\text{Initial Value} - \text{Final Value}}{\text{Initial Value} \times \text{Number of Years}}\right) \times 100
\]

However, since this seems to involve a more complex depreciation, such as the declining balance method (where the depreciation rate is constant, but the amount depreciated each year changes), we should use the formula:

\[
\text{Final Value} = \text{Initial Value} \times (1 - r)^n
\]

where:
- $ \text{Initial Value} = 9000 $
- \( \text{Final Value} =

The original price of a leather sofa is $9000. If its value is $2361.59 after 8 years, find the depreciation rate. Give your answer to 1 decimal place.

Learn how to calculate the depreciation rate of a leather sofa that was originally priced at $9000 and is worth $2361.59 after 8 years. This problem uses concepts of exponential decay and algebra, suitable for students in Grades 10-12. Step-by-step solution provided.

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