Answer:
The number of years until the value of the car is 11300 dollars is 9 years.
Step-by-step explanation:
This can be calculated using the following formula:
Value of the Car = Purchase cost - (Annual depreciation expenses * N) ........ (1)
Where;
N = Number of years until the value of the car is 11300 dollars
Purchase cost = $24,600
Annual depreciation rate = 5.5%
Annual depreciation expenses = $24,600 * 5.5% = $1,353
Value of the car = $11,300
Substituting the value into equation (1) and solve for N, we have:
$11,300 = $24,000 - ($1,353 * N)
$1,353 * N = $24,000 - $11,300
$1,353 * N = $12,700
N = $12,700 / $1,353
N = 9.38654841093865
Rounding to the nearest year as required by the question, we have:
N = 9
Therefore, the number of years until the value of the car is 11300 dollars is 9 years.
Step-by-step explanation:
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