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Bradley is purchasing a new car for 37000. If the car loses 20%of its value every year, how much will the car be worth in 7 years?

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ANSWER

After 7 years the car will worth, 7,759.5

EXPLANATION

The initial value of the car is 37000.

The rate of depreciation is 20%

In 7 years time, we can calculate the value of the car using the formula,

[tex]A=P(1-r\%)^n[/tex]

We substitute the values into the formula to obtain,

[tex]A=37000(1-0.2)^7[/tex]

[tex]A=37000(0.88)^7[/tex]

[tex]A=7759.5[/tex] to the nearest tenth

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