You purchased a vehicle for 32,000. It's value will depreciate at a rate of 18.62%. What will it's value be in 5 years, when you finally have it paid off

F = $11,421.90

Final value after 5 years F = $11,421.90

Complete question;

You purchased a vehicle for $32,000. It's value will depreciate at a rate of 18.62%. What will it's value be in 5 years, when you finally have it paid off

Step-by-step explanation:

Given;

Initial value P = $32,000

Depreciation rate r = 18.62% = 0.1862

Time t = 5

Final value = F

Using the compound depreciation formula;

F = P (1 - r) ^t

Substituting the values;

F = $32,000 (1 - 0.1862) ^5

F = $11,421.90

Final value F = $11,421.90