A car was valued at $45,000 in the year 1992. The value depreciated to $14,000 by the year 2003.
Use the compund interest formula S= P (1 + r ) ^t to answer the following questions.
A) What was the annual rate of change between 1992 and 2003?
r=_____________
B) What is the correct answer to part A written in percentage form?
b=______________
C) Assume that the car value continues to drop by the same percentage. What will the value be in the year 2006 ?
Value= $______________
Use the compund interest formula S= P (1 + r ) ^t to answer the following questions.
A) What was the annual rate of change between 1992 and 2003?
r=_____________
B) What is the correct answer to part A written in percentage form?
b=______________
C) Assume that the car value continues to drop by the same percentage. What will the value be in the year 2006 ?
Value= $______________