A car was purchased for $19655 and depreciates about 4.7% a year, what is the value of the car after 8 years?

Question

youdontknowme · Answer

$$0.047*8*19655=7390.28$$
This shows how much the car depreciates, so you take the original value and subtract the depreciation.
$$19655-7390.28=12264.72$$
The new value of the car after 8 years is $12,264.72

Vocaloid · Answer

@angellalena the formula for exponential decay is

A = A_0 * (1-r)^t

where r = the rate of decay as a decimal, t is the number of years, and A_0 is the initial amount

plug the values from the formula in, and solve for A

note: the solution from the previous poster does not consider compounding, and is probably not what they're looking for