Answer:
$7,986.25
Step-by-step explanation:
We can use the following formula to solve:
[tex]A=P(1-r)^t[/tex]
P = principal value
r = rate (decimal)
t = time (years)
First, change 15% into a decimal:
15% -> [tex]\frac{15}{100}[/tex] -> 0.15
Since 2015 and 2020 are 5 years apart, we will use 5 for t. Now, plug the values into the equation:
[tex]A=17,999(1-0.15)^5[/tex]
[tex]A=7,986.25[/tex]
Your car would be worth $7,986.25
