A new car is purchased for 22300 dollars. The value of the car depreciates at 10.25% per year. What will the value of the car be
, to the nearest cent, after 6 years?
1 answer:
Answer:
$11654 approx
Step-by-step explanation:
Given data
Principal amount = 22300 dollars
Rate= 10.25%
time= 6 years
The expression for the decrease is given as
A=P(1-r)^t-----------Note the negative sign is because of the decrease
substitute
A= 22300(1-0.1025)^6
A=22300(0.8975)^6
A=22300*0.5226
A=$11653.98
Hence the new value is $11654 approx
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