Question

Tomás bought a new car for $41,000. If the value of the car depreciates by 17% each year, determine the value
of his car in 9 years.

Answer 1

This is a means of reducing the cost of a goods or an asset over time. The value of the car after 9 years is approximately $888

Depreciation

This is a means of reducing the cost of a goods or an asset over time.

Mathematically, the cost of goods after a particular year is expressed as:

P(t) = P0e^-rt

Given

• P0 =  $41000
• rate r = 17% = 0.17
• time t = 9 years

Substitute

P(17) = 41000r^0.17(9)
P(17) = 4100(0.21653)

P(17) = 887.79

Hence the value of the car after 9 years is approximately $888

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