SOLUTION: My Toyota Avalon was purchased for $27,500 in 1997. It has been decreasing in value at an average rate of 15% annually since then. When is its approximate value now?

Question 171325: My Toyota Avalon was purchased for $27,500 in 1997. It has been decreasing in value at an average rate of 15% annually since then. When is its approximate value now?
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
well if you figure it to be 11 years
formula is total amount(27,500) times n being the number of years of depreciation. In general depreciation equals where T is the Total being depreciated, x is the rate of depreciation, and n is the number of years.
:
gives us a percentage of .167
:
multiply that by 27500 and the appx value is dollars

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