bob is thinking about leasing a car with a msrp of \$24,000 for three years. after three years, the leasing company expects the car to have a value of 72\% of its original msrp. what will the residual value of the car be after three years?
a. \$3,000
b. \$6,000
c. \$17,280
d. \$33,333

please select the best answer from the choices provided

Question

bob is thinking about leasing a car with a msrp of \$24,000 for three years. after three years, the leasing company expects the car to have a value of 72\% of its original msrp. what will the residual value of the car be after three years?
a. \$3,000
b. \$6,000
c. \$17,280
d. \$33,333

please select the best answer from the choices provided

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "tutor", "mastery_adaptive_brevity" ], "needs_drawing": false, "concepts_used": [ "Residual Value" ], "new_concepts": [], "current_concepts": [ "Residual Value", "Car Lease Calculation" ] } ## Identify the given values Using the *Residual Value* knowledge point $$ \begin{aligned} &\text{MSRP} = \$24,000\ &\text{Residual Percentage} = 72\% = 0.72 \end{aligned} $$ ## Calculate the residual value Using the *Residual Value* knowledge point $$ \begin{aligned} \text{Residual Value} &= \text{MSRP} \times \text{Residual Percentage}\ &= \$24,000 \times 0.72\ &= \$17,280 \end{aligned} $$

a. $3,000

b. $6,000

c. $17,280

d. $33,333

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Car Lease Calculation", "Residual Value" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the given values

Calculate the residual value

Answer: