question 18 (3.3 points) saved\nyou purchased a car for $47,900. the car depreciates at a rate of 12% per…

question 18 (3.3 points) saved\nyou purchased a car for $47,900. the car depreciates at a rate of 12% per year. after 2 years, you decide to sell the car. what is the value of your car after 2 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:

question 18 (3.3 points) saved\nyou purchased a car for $47,900. the car depreciates at a rate of 12% per year. after 2 years, you decide to sell the car. what is the value of your car after 2 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:

Answer

Explanation:

Step1: Identify the values

$PV = 47900$, $r=0.12$, $t = 2$

Step2: Substitute values into formula

$FV=47900\times(1 - 0.12)^{2}$ $FV=47900\times(0.88)^{2}$

Step3: Calculate $(0.88)^{2}$

$(0.88)^{2}=0.88\times0.88 = 0.7744$

Step4: Calculate $FV$

$FV=47900\times0.7744$ $FV = 37193.76$

Answer:

$37193.76$