Question

stacy buys a used car for $22,000. if the value of the car depreciates by 18% every year, what is the value of the used car after 9 years? remaining amount = 22,000(1 - ?) remaining amount = i(1 - r)^t enter the number that belongs in the green box.

Explanation:

Step1: Identify the depreciation rate

The formula for depreciation is \(Remaining\ Amount = I(1 - r)^t\), where \(r\) is the rate of depreciation. Given that the car depreciates by \(18\%\) every year. To use in the formula, we convert the percentage to a decimal.
\(r=\frac{18}{100}=0.18\)

Answer:

\(0.18\)