Question

You buy a car in 2017 for $25,000. The value decreases by 16% each year. How much will the car be worth

in 2022? Round your answer to the nearest penny, 2 decimal places.

Answer 1

The appropriate answer is "10,455.29856".

Explanation:

According to the question,

The time will be:

⇒ t =
`2022-2017`

⇒ =
`5`

On applying formula, we get

⇒
`f(t)=25000(1-.16)^t`

On substituting the value of "t", we get

⇒
`f(5)=25000(1-.16)^5`

⇒
`=25000(0.84)^5`

On solving the power, we get

⇒
`=25000* 0.4182119424`

⇒
`=10,455.29856`