A new car is purchased for 20700 dollars. The value of the car depreciates at 13.75% per year. What will the value of the car be, to the nearest cent, after 12 years?

Answer 1

The value of the car will depreciate by $20700*0.1375 = $2842.50 each year.
After 12 years, the value of the car will decrease by $2842.50*12 = $<<2842.50*12=34110>>34110.
The value of the car will be $20700 - $34110 = $11610 to the nearest cent. Answer: \boxed{11610}.

Answer 2

explain