What is the product?
1 answer:
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Answer:
$7,986.25
Step-by-step explanation:
We can use the following formula to solve:
<em>P = principal value</em>
<em>r = rate (decimal)</em>
<em>t = time (years)</em>
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First, change 15% into a decimal:
15% -> -> 0.15
Since 2015 and 2020 are 5 years apart, we will use 5 for t. Now, plug the values into the equation:
Your car would be worth $7,986.25