Question

tyler bought a car that depreciates 3.7% each year. if tyler purchased the car for $21,450 five years ago, what is the value of the car now? (2 points) $17,764.73 $20,656.35 $21,121.35 $25,722.97

Answer 1

The value of the car now, given the depreciation rate per year, and the amount Tyler purchased it for, is A. $17,764.73

How to find the depreciation ?

The rate at which the value of your car depreciates over time is known as car depreciation. Although some models hold their worth better than others, vehicles can lose about half of their value after five years.

Over time, cars lose value. How much they degrade will depend on a number of variables. The worth of your car may vary depending on its make and model, age, condition, mileage, ownership history, and even color. In general, a new car will lose value considerably more quickly than a used one.

The value of the car this year, given that Tyler purchased it five years ago, is :
= Value of car at purchase x ( 1 - rate ) ^ number of years

= 21, 450 x ( 1 - 3. 7 %) ⁵

= 21, 450 x 0.828192771461043

= $ 17, 764. 73

Find out more on depreciation at https://brainly.com/question/24218291

#SPJ1