The starting value is 20,300, and the value is decreasing by 9.5% each year.
Because it decreases by 9.5% each year based on the previous amount, we use an exponential decay model.
A decrease by 9.5% corresponds to multiplying by 91.5% each year.
We write . We plug in 11 years for t.
[tex]A(t)=23000(0.915)^{t}\\\\A(11)=23000(0.915)^{11}\\\\A(11)=7671.18[/tex]
$7,671.18
