question 10 (4 points)\nyour friend purchased a van for $41,200. the van depreciates at a rate of 15% per…

question 10 (4 points)\nyour friend purchased a van for $41,200. the van depreciates at a rate of 15% per year. after 5 years, your friend decides to sell the van. what is the value of the van after 5 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

question 10 (4 points)\nyour friend purchased a van for $41,200. the van depreciates at a rate of 15% per year. after 5 years, your friend decides to sell the van. what is the value of the van after 5 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\nanswer

Answer

Explanation:

Step1: Identify values

$PV = 41200$, $r=0.15$, $t = 5$

Step2: Substitute values into formula

$FV=41200\times(1 - 0.15)^5$ $FV=41200\times(0.85)^5$

Step3: Calculate $(0.85)^5$

$(0.85)^5=0.85\times0.85\times0.85\times0.85\times0.85 = 0.4437053125$

Step4: Calculate $FV$

$FV=41200\times0.4437053125=18280.668875$

Answer:

$18280.67$