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A new car is purchased for 20800 dollars. the value of the car depreciates at 10.75% per year. What will the value of the car be, to the nearest cent, after 13 years?

Respuesta :

JeanaShupp

Answer: $4742.10

Step-by-step explanation:

Exponential depreciation formula :-

[tex]y=A(1-r)^t[/tex] , where y is the value of good after t years , r is rate of depreciation and A is the initial value.

Given : A= $20800  ; r=10.75%=0.1075  

The equation models this situation:

[tex]y=20800(1-0.1075)^t=20800(0.8925)^t[/tex]

Then, the value of car after t=13 years :-

[tex]y=20800(0.8925)^{13}=4742.09507708\approx4742.10[/tex]

Hence, the value of car after 13 years = $4742.10

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