The answer is : $9,159
Step-by-step explanation:
Doug bought a new car for $25,000. He estimates his car will depreciate, or lose value, at a rate of 20% per year.
Given equation is:
P = $25000
r = 20% or 0.20
t = 4.5 years
So, equation becomes:
= $9159
Therefore, the approximate value of the car will be $9159.