Final answer:
The formula to calculate the value of the car in 10 years can be found using the formula for compound interest. The initial amount and the interest rate are given, and the formula is used to calculate the final value of the car.
Step-by-step explanation:
The formula to calculate the value of the car in 10 years can be found using the formula for compound interest.
The formula for compound interest is: A = P(1+r)^n, where A is the final amount, P is the initial amount, r is the interest rate per period, and n is the number of periods.
In this case, the initial amount (P) is $20,000 and the interest rate (r) is -30% (since the car depreciates). The number of periods (n) is 10 years.
Therefore, the formula to calculate the car's value in 10 years is: A = $20,000(1-0.3)^10.
Using this formula, you can calculate the final value of the car.