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A vehicle purchased for $29,800 depreciates at a constant rate of 4%. Determine the approximate value of
the vehicle 10 years after purchase. Round to the nearest whole dollar.

A vehicle purchased for 29800 depreciates at a constant rate of 4 Determine the approximate value of the vehicle 10 years after purchase Round to the nearest wh class=

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samuelonum1

Answer:

$44104

Step-by-step explanation:

Given data

Cost = $29800

Rate= 4%

Time= 10years

Applying the formula below, we can find the cost after 10 years as

A=P(1+r)^t

A= 29800(1+0.04)^10

A=29800(1.04)^10

A=29800*1.480

A=$44104

Hence the new cost is $44104

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