Jason bought a car for $12500. According to the insurance company, the value of the car depreciates by 7% each year. What will t he value of car be 5 years after Neil purchased it? Round to the nearest hundredth, if necessary. Do not include the $ sign in your answer.
1 answer:
Answer:
8696.10
Step-by-step explanation:
If a car depreciates by 7% each year, this means that 7% of its value that year is subtracted from its previous value. In other words, you can multiply its value by (1-0.07)=0.93.
. Hope this helps!
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