Question

A new car is purchased for 16400 dollars. The value of the car depreciates at 12. 5% per year. What will the value of the car be, to the nearest cent, after 8 years?.

Answer 1

5635.18621922

Explanation:

First set up an equasion

16400(1-0.125)^8

This is the compounding interest equation

Steps

16400(0.875)^8

16400*0.3436089158

5635.18621922 after 8 years