A local farm has raised $3,300 from their annual maple syrup festival. The owner of the farm decided to invest this money into a
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Answer:
The value of car after 5 years of exponentially depreciation is $16,213.36
Step-by-step explanation:
The initial amount of the car = i = $24,600
The depreciates rate of interest applied = r = 8%
Let The value of car after n years = A
The number of years = n = 5 years
Now,According to question
The value of car after n years = initial price of car ×
Or, The value of car after 5 years = i ×
Or, $A = $24,600 ×
Or, $A = $24,600 ×
Or, $A = $24,600 × 0.65908
Or, $A = $16,213.36
So, The value of car after 5 years = A = $16,213.36
Hence , The value of car after 5 years of exponentially depreciation is $16,213.36 . Answer