A new car is purchased for 24800 dollars. The value for f the car depreciates at 12% per year. What will the value of the car be to the nearest cent after 13 years
The value each year is multiplied by 100% -12% = 88% = 0.88. After 13 years, the value is 0.88^13 ≈ 0.1897906 times what it was originally: ≈ 4,706.81 dollars.
