Depreciation is the decrease in value of a given asset within a given period of time. Using the formula, A=P(1-r/100)^n, where A is the new value after depreciation, P is the original value, r is the depreciation rate and n is the time taken. Therefore, A = 24500(0.8525)^14 = 2623.54 dollars ≈ 2623.50 dollars Thus the value after 14 years will be 2623.50 dollars
