Answer:
Future Value = $ 12528.15
Explanation:
The depreciation is applied to the car annually. The value of the car after depreciation in "n" no. of years can be given by the following formula:
where,
Future Value = ?
Present Value = $ 24000
Depreciation Rate = 15% = 0.15
n = no. of years = 4
Therefore,
Future Value = $ 12528.15