Answer:
[tex]P(t=14) = 17000 (1-0.1225)^{14}= 2728.404[/tex]
Step-by-step explanation:
for this case we have the following model for the cost of the car:
[tex]P(t) = P_o (1-r)^t[/tex]
Where [tex]P_o[/tex] is the initial amount on this case 17000, t the amount of years after the initial year and r the depreciation rate on this case:
[tex] r= \frac{12.25}{100}=0.1225[/tex]
And for t =14 we can replace into the equation and we got:
[tex]P(t=14) = 17000 (1-0.1225)^{14}= 2728.404[/tex]
