Question

A new car is purchased for $16,400 the value of the car decreases at 8.25% per year what will be the value of the car to the nearest cent after 10 years

Answer 1

Taking into account that 100% - 8.25% = 91.75%, we conclude that the value of the car after 10 years wiil be equal to $16,400\cdot (\frac{91.75}{100})^{10}\approx 6,932.73$