question 15 (4.5 points) retake question\nyou purchased a car for $16,150. the car depreciates at a rate of…

question 15 (4.5 points) retake question\nyou purchased a car for $16,150. the car depreciates at a rate of 9% per year. after 4 years, you decide to sell the car. what is the value of your car after 4 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:

question 15 (4.5 points) retake question\nyou purchased a car for $16,150. the car depreciates at a rate of 9% per year. after 4 years, you decide to sell the car. what is the value of your car after 4 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:

Answer

Explanation:

Step1: Identify the values

$PV = 16150$, $r=0.09$, $t = 4$

Step2: Substitute into the formula

$FV=16150\times(1 - 0.09)^{4}$

Step3: Calculate the value inside the parentheses

$1-0.09 = 0.91$

Step4: Calculate the exponent

$0.91^{4}=0.91\times0.91\times0.91\times0.91=0.68573009$

Step5: Multiply by the present - value

$FV=16150\times0.68573009\approx11074.54$

Answer:

$11074.54$