Answer
Current value = $7,448
Step-by-step explanation
The current value of any item, A decreasing at a given rate, r%, over time, t, is given as
A = A₀ (1 - r)ᵗ
For this question
A = Current value at any time t
A₀ = Initial value of the product = $18,547
r = Rate = 9.64% = 0.0964
t = Time = 9 years
A = A₀ (1 - r)ᵗ
A = 18,547 (1 - 0.0964)⁹
A = 18,547 (0.9036)⁹
A = 18,547 (0.4016)
A = $7,448
Hope this Helps!!!