24500 dollars and depreciates 14.75% per year what will the value be to the nearest cent after 14 years
Accepted Solution
A:
Depreciation is the decrease in value of a given asset within a given period of time. Using the formula, A=P(1-r/100)^n, where A is the new value after depreciation, P is the original value, r is the depreciation rate and n is the time taken. Therefore, A = 24500(0.8525)^14 = 2623.54 dollars ≈ 2623.50 dollars Thus the value after 14 years will be 2623.50 dollars