A new car is sold for its sticker value of $19,400. Three years later, the customer returns to the car dealership to trade the car in. She is told that her car now has a value of $12,105. What is the rate of decline in the value of the car? In your final answer, include all of your calculations.

Question

here is my work $19,400. = $12,105.(1-r)^3
$12,105. = $12,105.
=9.105 = 1-r
=3.01
​=x
please help me

Answer 1

19400(1-r)^3 = 12105
That is, the starting value declines each year
So, not only is your first step backwards, the rest of your steps are just nonsense
Next, divide by 19400 to get
(1-r)^3 = 12105/19400 = 0.62396
now take the cube root:
1-r = 0.85452
r = 0.15
so, the value declines by 15% each year

Answer 2

ok thank's sir or miss