The Estimated Useful Life Formula is a commonly used business tool which calculates the expected service life of physical assets. It involves determining the levels of wear and tear that the asset will experience over its lifetime, then calculating the time it will take for those effects to diminish the asset’s value to zero. This formula can be used by businesses to plan ahead and ensure they have a good understanding of how useful an asset is likely to be in the future. With this important information, companies can make smart decisions about their investments and plan effectively for the future!