Question

A new car is purchased for 22400 dollars. The value of the car depreciates at 6.75% per year. What will the value of the car be, to the nearest cent, after 9 years?

Answer 1

Answer: $11,942.29

Explanation:

Let the value after 9 years be y

y = 22400 (0.9325)^9

y = 11,942.29