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10 October, 08:50

2) Lucy spent $15, 500 to purchase a new car this year. Lucy can expect her car to depreciate at a rate of 7% per year.

How much will Lucy's car be worth in 9 years? Write the equation and give the answer

Equation:

Answer:

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  1. 10 October, 08:57
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    Equation: V = C * (1 - r) ^t

    Answer: $ 8,066.37

    Step-by-step explanation:

    Let's recall that depreciation on a car can be determined by the formula:

    V = C * (1 - r) ^t, where:

    V is the value of the car after t years,

    C is the original cost

    r is the rate of depreciation

    t is the number of years of utilization of the car

    Therefore, we have:

    V = C * (1-r) ^t

    V = 15,500 * (1 - 0.07) ⁹

    V = 8,066.37 (rounding to the next cent)
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