Ask Question
30 January, 23:40

A new car is purchased for 17600 dollars. The value of the car depreciates at 11.75% per year. What will the value of the car be, to the nearest cent, after 11 years?

+3
Answers (1)
  1. 31 January, 01:24
    0
    Step-by-step explanation:

    For compound interest, we use the formula A = P (1 + r/n) ^{nt}, where A is the amount, P is the principle, r is the rate, n is the number of times compounded per period of time, and t is the time.

    We can alter this for a decrease. Instead of adding r/n to 1, we can substract it:

    A = 17,600 * (1 - 0.01175 / 1) ^{1 * 11} = 15,454.24

    After 11 years, the car will be worth $15,454.24
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A new car is purchased for 17600 dollars. The value of the car depreciates at 11.75% per year. What will the value of the car be, to the ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers