The value of the washing machine after 6 years with 20% depreciation every year is $78.64.
Depreciation is the practice of subtracting a business asset's cost over a number of years as opposed to just one.
Depreciation is used to adjust the cost of a productive asset with a longer-than-year-long useful life to the income generated by operating the asset. The expense of the asset is typically dispersed across the years that it is utilized.
Calculation for the asset value after depreciation of 20% every year.
The purchasing cost of washing machine is $300.
The rate after 6 years is-
Rate = purchased price×[tex](1-r)^{t}[/tex]
= 300×[tex](1-0.2)^{6}[/tex]
= 300×[tex]0.8^{6}[/tex]
= 78.64
The cost of washing machine after 6 years will be $78.64.
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