Step-by-step explanation:
This problem on depreciation of price.
Given data
initial price = $18,250
rate of depreciation = 11%
to solve for the new price we must find 11 percent of the initial price (depreciated value) and subtract from the initial price, we have
depreciation=
[tex]\frac{11}{100} *18250\\0.11*18250= 2007.5[/tex]
Hence the depreciation= $2007.50
the new amount is [tex]= initial amount - depreciation[/tex]
[tex]=18250-2007.50\\= 16242.50[/tex]
the new amount is $16242.50
