A car enthusiast learns that a particular model of car, which costs 43,330 new, loses 17% of its value every year. How much will the car be worth in 9 years?If necessary, round your answer to the nearest cent.

Solution

A c a r e n t h u s ia s t l e a r n s t ha t a p a r t i c u l a r m o d e l o f c a r, w hi c h cos t s 43, 330 n e w, l oses 17% o f i t s v a l u e e v ery ye a r . Ho w m u c h w i ll t h e c a r b e w or t h in 9 ye a rs ? I f n ecess a ry, ro u n d yo u r an s w er t o t h e n e a res t ce n t .

Amount : 109624.9

Solution steps

Translate the problem into an equation:

A = 43330 (1 + 0.17 \cdot 9)

43330 (1 + 0.17 \cdot 9) = 109624.9

Amount : 109624.9