Business: Straight-Line Depreciation A contractor buys a backhoe for $25,000 and estimates its useful life to be 8 years, after which its scrap value will be $1000.
a. Use straight-line depreciation to find a formula for the value V of the backhoe after t years, for 0 ≤ t ≤ 8.
b. Use your formula to find the value of the backhoe after 4 years.
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