Tom spent $17,886 for a new car. The car will depreciate 11% each year. What will the car be worth after 11
1 answer:
Answer:
495.62
Step-by-step explanation:
Given data
Amount=$17,886
Rate = 11%
TIme= 11 years
Let us apply the compounding expression
A=P(1-r)^t----------The negative sign is due to decreasing value
substitute
A= 1786(1-0.11)^11
A=1786(0.89)^11
A=1786*0.2775
A=495.615
Hence the approximate Amount will be 495.62
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