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A vehicle purchased for $20,700 depreciates at a constant rate of 9%. Determine the approximate value of the vehicle 11 years after purchase. Round to the nearest whole dollar.

Sagot :

SOLUTION:

Step 1:

In this question, we are given the following:

A vehicle purchased for $20,700 depreciates at a constant rate of 9%. Determine the approximate value of the vehicle 11 years after purchase. Round to the nearest whole dollar.

Step 2:

The details of the solution are as follows:

[tex]\begin{gathered} The\text{ approximate value of the car after 11 years = } \\ 20700\text{ \lparen 1 - }\frac{9}{100})^{11}= \end{gathered}[/tex]

[tex]\approx\text{ \$ 7335 \lparen correct to the nearest whole dollar\rparen}[/tex]

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