Question

Cardania bought a car for $12,000 ten years ago, and it has been depreciating (decreasing in value) at a rate of 8% per year since she drove it off the showroom floor.

How much is the car worth today (10 years after her purchase)?

Answer 1

The car is worth about 5212.66$ 10 years after her purchase.

Explanation:

12000(1-0.08)^10=5212.661451