If a car is valued at $27,000 in the year 1992
The value of the car depreciated to $15,000 by year 2000
The formula for the annual rate change is given below as,

Where,

a) Substitute the values into the formula above,
![\begin{gathered} 15000=27000(1-r)^8 \\ (15000)/(27000)=(1-r)^8 \\ (5)/(9)=(1-r)^8 \\ \sqrt[8]{(5)/(9)}^{}=1-r \\ r=1-0.9292 \\ r=0.0708 \end{gathered}](https://img.qammunity.org/2023/formulas/mathematics/college/9c62d9s99f3sxqbf2exqd7toa85i50civz.png)
Hence, the annual rate of change, r, is 0.0708 (4 decimal places)
b) The percentage form of the annual rate of change is,

Hence, the percentage form of the annual rate of change is 7.08%
c) If the car value continues to drop from 1992 to 2004, t = 12 years
The value of the car in the year 2004 will be,

Substituting the values into the formula above,

Hence, the value in the year 2004 is $11190 (nearest $50)