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.

Answer 1

19400(1-r)^3 = 12105
(1-r)^3 = .623969..
take cube root of both sides, etc