question 19 (3.3 points) saved\nyour friend purchased a van for $49,400. the van depreciates at a rate of…

question 19 (3.3 points) saved\nyour friend purchased a van for $49,400. the van depreciates at a rate of 20% per year. after 2 years, your friend decides to sell the van. what is the value of the van after 2 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n31616\nanswer

question 19 (3.3 points) saved\nyour friend purchased a van for $49,400. the van depreciates at a rate of 20% per year. after 2 years, your friend decides to sell the van. what is the value of the van after 2 years?\nuse this formula:\n$fv = pv(1 - r)^t$\nenter the dollar amount rounded to the nearest cent.\nyour answer:\n31616\nanswer

Answer

Explanation:

Step1: Identify values

$PV = 49400$, $r=0.2$, $t = 2$

Step2: Substitute into formula

$FV=49400\times(1 - 0.2)^{2}$ $FV=49400\times0.8^{2}$ $FV=49400\times0.64$ $FV = 31616$

Answer:

$31616.00$