Question

A new car is purchased for $16,500. The value of the car depreciates at 5.75% per year. What will the value of the car be, to the nearest cent, after five years?

Answer 1

12,271.304

Explanation:

100- 5.75= 94.25

0.9425^(5)= 0.7437154341

0.7437154341 × 16500 = 12,271.3046626