A car purchased in 2014 was worth $21,000. It has depreciated at an annual rate of 8.5%. what will its value be in 2021? Round answer to the nearest penny (100th)

The value of the car in 2021 will be $11,276.31.

Step-by-step explanation:

If r is the depreciation rate and P is the initiial amount , then the amount after t years is given by:-

Given: P=21000, r=8.5%  , t= 2021-2014= 7

Plug all the values in the formula, we get

The value of the car in 2021 will be $11,276.31.

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