Answer:
To solve this, we can use the formula for exponential decay, which is:
[tex]\[ V = P \times (1 - r)^t \][/tex]
where:
- \( V \) is the value after time \( t \),
- \( P \) is the principal amount (the initial amount of money),
- \( r \) is the rate of depreciation,
- \( t \) is the time the money is invested or borrowed for, in years.
Let's calculate it.
The approximate value of the vehicle 15 years after purchase, with a constant depreciation rate of 6%, would be $11,780 when rounded to the nearest whole dollar.
Step-by-step explanation:
