Final answer:
To determine the approximate value of the vehicle 11 years after purchase, we can use the formula for exponential decay and calculate the expression.
Step-by-step explanation:
To determine the approximate value of the vehicle 11 years after purchase, we can use the formula for exponential decay:
V = P(1 - r)^n
where V is the final value, P is the initial value, r is the decay rate, and n is the number of time periods.
In this case, P = $22,400, r = 0.09 (9% as a decimal), and n = 11. Plugging these values into the formula:
V = $22,400(1 - 0.09)^{11}
Calculating this expression, the approximate value of the vehicle 11 years after purchase is $7,411.
Learn more about Calculating the approximate value of a depreciating vehicle over time