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You purchased a boat for $19,000 and can expect the boat to depreciate at an annual rate of 7.3%. What will the value of your car be 4 years after purchasing it

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Answer:

$14,030.48

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, lets change 7.3% into a decimal:

7.3% -> [tex]\frac{7.3}{100}[/tex] -> 0.073

Next, plug in the values:

[tex]A=19,000(1-0.073)^4[/tex]

[tex]A=14,030.48[/tex]

The value will be $14,030.48

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