Question

A new car is purchasd for 20,300 dollars. The value of the car depreciates at 9.5% per year. What will be the value of the car be, to the nearest cent, after 11 years?

Answer 1

$6770.65

this is rounded up

Explanation:

Answer 2

`\bf \qquad \textit{Amount for Exponential Decay} \\\\ A=P(1 - r)^t\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{initial amount}\dotfill &20300\\ r=rate\to 9.5\%\to (9.5)/(100)\dotfill &0.095\\ t=\textit{elapsed time}\dotfill &11\\ \end{cases} \\\\\\ A=20300(1-0.095)^(11)\implies A=20300(0.905)^(11)\implies \stackrel{\textit{rounded up}}{A=6770.65}`