Kate purchased a car for $23,000. It will depreciate by a rate of 12% a year. What is the value of the car in 4 years. *

$13,793

Step-by-step explanation:

Kate purchased a car for $23,000. It will depreciate by a rate of 12% a year. What is the value of the car in 4 years. *

The formula for Depreciation rate =

y = a(1 - r) ^t

Where

y = Value of the car after t years

a = Initial value of the car = $23,000

t= time in years = 4 years

r = Depreciation rate = 12% = 0.12)

y = $23000 (1 - 0.12)⁴

y = $13792.99328

Approximately = $13,793:

in mathematics, a function is a relationship between two variables such that the value of one of the variables, called the dependent variable, is determined by the value of the other variable, called the independent variable. there is a specific term we use to describe the set of independent variables of a function.