SOLUTION:
Step 1:
In this question, we are given the following:
A vehicle purchased for $20,700 depreciates at a constant rate of 9%. Determine the approximate value of the vehicle 11 years after purchase. Round to the nearest whole dollar.
Step 2:
The details of the solution are as follows:
[tex]\begin{gathered} The\text{ approximate value of the car after 11 years = } \\ 20700\text{ \lparen 1 - }\frac{9}{100})^{11}= \end{gathered}[/tex][tex]\approx\text{ \$ 7335 \lparen correct to the nearest whole dollar\rparen}[/tex]
