You buy a new Chevy Camaro for $32,820 in 2014. This car will depreciate (decrease in value) by an average of 7% per year. Predict what the value of this truck will be in the years 2017, 2019, 2021, 2024, and 2029.

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Question:

You buy a new Chevy Camaro for $32,820 in 2014. This car will depreciate (decrease in value) by an average of 7% per year. Predict what the value of this truck will be in the years 2017, 2019, 2021, 2024, and 2029.

Answers

Answer:$26398.997$22,832.492$19,747.822$15884.299$11050.522Step-by-step explanation:Given the following:Purchase price (P)= $32,820Average depreciation rate per year (r) = 7% = 0.07Purchase year= 2014Price in 2017:t = 3Value(V) = P(1 - r)^tV = 32820(1-0.07)^3 V = 32820(0.93)^3 = $26398.997Price in 2019:t = 5Value(V) = P(1 - r)^tV = 32820(1-0.07)^5V = 32820(0.93)^5 = $22,832.492Price in 2021:t = 7Value(V) = P(1 - r)^tV = 32820(1-0.07)^7V = 32820(0.93)^7 =$19,747.822Price in 2024:t = 10Value(V) = P(1 - r)^tV = 32820(1-0.07)^10V = 32820(0.93)^10 = $15884.299Price in 2019:t = 15Value(V) = P(1 - r)^tV = 32820(1-0.07)^15V = 32820(0.93)^15 = $11050.522

Answer:2017 = $26,3992019 = $22832.49¢2021 = $19,747.82¢2024 = $15,884.30¢2029 = $11,050.52¢Step-by-step explanation:Please kindly check the attached file for explanation

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