Answer: $2,728.40
Step-by-step explanation:
The starting value is: $17,000
the rate of deprecation is: 12.25%
time = 14 years
Lets plug this into the interest formula:
Cost after 14 years = Principle(1 - r)^t
Cost after 14 years = 17,000(1 - 0.1225)^14
Cost after 14 years ≅$2,728.40
Deprecation happens pretty quickly!
