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Colton's mini-van is depreciating at a rate of 5.5% per year. He paid $22,250 for it in 2019. How much will the car be worth in 2025 to nearest cent?

Respuesta :

samuelonum1

Answer:

$1584.2

Step-by-step explanation:

Given data

R= 5.5%

T= 2025-- 2019=  6years

P=  $22,25

Let us apply Compound interest formula

A=P(1-r)^r ------------Note negative for  depreciation

A= 2225(1-0.055)^6

A= 2225(0.945)^6

A= 2225*0.712

A=$1584.2

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