Answer to Question #192245 in Algebra for carlos

Question #192245

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
Expert's answer
2021-05-13T08:18:13-0400

Principal=$22300

Time=6 years

Rate of depreciation=10.25%

Formula used A=P(1R100)tA=P(1-\frac{R}{100})^{t}

Where

A=amount

P=principal

t=time

R=rate of depreciation

A=22300(110.25100)6=11654.98A=22300(1−\frac{10.25}{100})^{6}=11654.98

Therefore the value of the car will be $11654.98


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