Question

A new car is purchased for 20700 dollars. The value of the car depreciates at 11% per year. What will the value of the car be, to the nearest cent, after 11 years?

Answer 1

20,700x0.89^11=5744.60

Answer 2

5744. 61 cents

Explanation:

5744. 61 cents

Because:

Explanation:

after 1 year:

20700×89%=18423

after 2 years:

18423×89%=16396.47

after 3 years:

16396.47×89%=14592.8583

after 4 years:

14592.8583×89%=12987.64389

after 5 years:

12987.64389×89%=11559.00306

after 6 years:

11559.00306×89%=10287.51272

after 7 years:

10287.51272×89%=9155.886323

after 8 years:

9155.886323×89%=8148.738828

after 9 years:

8148.738828×89%=7252.377557

after 10 years:

7252.37757×89%=6454.616026

after 11 years:

6454.616026×89%=5744.608263

~5744.61 (nearest cent)