Question

A new car is pretty for 224000 dollars The value of the car depreciates at 6.75% Per year what will the value of the car be to the nearest 10 after 9 years

Answer 1

$119,422.9

Explanation:

We can use the following formula to solve:

`A=P(1-r)^t`

P = principal value

r = rate (decimal)

t = time (years)

First, lets change 6.75% into a decimal:

6.75% ->
`(6.75)/(100)` -> 0.0675

Now, plug the values into the equation:

`A=224,000(1-0.0675)^9`

`A=119,422.9`

The value of the car after 9 years will be $119,422.9