Question

Raymond buys a new car for $21,500. The car depreciates by about 11% per year. What is the value of the car, to the nearest dollar, after five years?​

Answer 1

Explanation:

Formula for depreciation =

`A=P(1-(r)/(100))^n`

Here A= Amount left after n periods

P= Principal amount

r= rate of depreciation

n= time period

Using the formula

`21500(1-(11)/(100))^5= 21500*((89)/(100))^5= 12005.72$` $