I need help trying to create a loop to calculate asset depreciation within these paramaters.
Part 3) Calculate Depreciation by declining balance.
In a company, fixed assets such as equipment lose their value over time and this charge is called depreciation. Equipment is rarely valued as worthless ie $0, even after a long period of time. Many assets are kept for a set period ie 5 or 10 years and then disposed of. The way to account for this is declining balance depreciation. Each year the value of that asset depreciates by a fixed percentage. The depreciation amount charged will assessed on the depreciated value of this asset
Example: A piece of equipment is purchased for $20,000 and will be depreciated by 20% per year.
First year depreciation charge: $20,000 * 0.20 = $4000. The asset is now valued at $16,000 (20,000-4,000)
Second year depreciation charge: $16,000 * 0.20=$3200. The asset is now valued at $12,800 (16,000-4,000)
Your program will prompt for the starting value of the asset, the depreciation percentage and the number of years this asset will be used. Using a ‘for’ loop, calculate the final depreciated value.