A new car is purchased for 20700 dollars. The value of the car depreciates at 11% per year. What will the value of the car be, to the nearest cent, after 11 years?
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
![### Depreciation Calculation Problem
**Problem Statement:**
A new car is purchased for $20,700. The value of the car depreciates at 11% per year. What will the value of the car be, to the nearest cent, after 11 years?
**Input Area:**
- **Answer Box:** This is where you should enter your calculated value for the car after 11 years.
- **Submit Answer Button:** Click this button to submit your answer.
**How to Approach the Problem:**
To find the value of the car after 11 years given the annual depreciation rate, you can use the formula for exponential depreciation:
\[ V = P \times (1 - r)^n \]
Where:
- \( V \) is the final value of the car.
- \( P \) is the purchase price of the car, which is $20,700.
- \( r \) is the depreciation rate per year, which is 0.11.
- \( n \) is the number of years, which is 11.
Plug in the values:
\[ V = 20700 \times (1 - 0.11)^{11} \]
Calculate the final result and round to the nearest cent.
**Note:**
Ensure you use a calculator for accuracy when performing the calculations, and then enter your final answer in the given answer box and press "Submit Answer" to see if you are correct.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa5ee8c9b-4792-4b96-8e5f-60d4faae899e%2F68e56f9d-6620-4278-ac5b-dd86cf74af90%2Frx9sd8a_processed.jpeg&w=3840&q=75)
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