A tractor costs $12,250 and depreciates in value by 6% per year. How much will the tractor be worth in 6 years?

Response:

Detailed breakdown:

Answer: $7,840

Step-by-step explanation:

First, calculate 12,250 multiplied by 6% or 0.06 to get 735, and then multiply this result by 6, yielding 4,410. Finally, subtract that amount from 12,250 to determine the tractor's worth after 6 years.