Answer:
$6932.73.
Step-by-step explanation:
Principal = $16400
Rate of decrease = 8.25%
Now we are supposed to find What will the value of the car be, to the nearest cent, after 10 years?
Formula : [tex]A=P(1-\frac{r}{100})^t[/tex]
where A is the amount
r is the rate of decreasing in % =8.25%
t is the time =10
P is the principal =$16400
Substituting the values:
[tex]A=16400(1-\frac{8.25}{100})^{10}[/tex]
[tex]A=6932.734[/tex]
Hence the value of the car after 10 years will be $6932.73.
The value of the car in 10 years will be $6,932.73.
Depreciation is when the value of an asset declines as a result of wear and tear. This means that with the passage of time, the value of the car would be decreasing.
The formula for calculating future value of the car is:
FV = P (1 - r)^n
Where:
16400 ( 1 - 0.0825)^10
16400(0.9175)^10 = $6,932.73
To learn more about depreciation, please check: https://brainly.com/question/18760477
