Alright, let's figure this out! To find the depreciation rate of the car, we can use the formula:
Depreciation Rate = ((Original Value - Current Value) / Original Value) * 100%
Given:
Original Value = $55,000
Current Value = $14,150
Let's plug these values into the formula:
Depreciation Rate = (($55,000 - $14,150) / $55,000) * 100%
Depreciation Rate = ($40,850 / $55,000) * 100%
Depreciation Rate = 0.7436 * 100%
Depreciation Rate = 74.36%
Therefore, the depreciation rate of the car is 74.36% after being 9 years old.
