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A car purchased in 2014 was worth $21,000. It has depreciated at an annual rate of 8.5%. What will its value be in 2021? round answer to the nearest penny

A car purchased in 2014 was worth $21,000. It has depreciated at an annual rate of 8.5%. What will its value be in 2021? round answer to the nearest penny
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a car purchased in 2014 was worth $21,000. It has depreciated at an annual rate of 8.5%. What will its value be in 2021? round answer to the nearest penny

User Tore Aurstad
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2 Answers

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the answer would be 8505.00 dollars

User Mariko
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8.7k points
4 votes
First, subtract 2021-2014=7.
Multiply 8.5 x 7= 0.595.
Then, multiply 21,000 x 0.595= 12,495
User Juan Sturla
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8.0k points
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