In case of depreciation, we have to use the following formula
[tex] P(t) = P_{0)(1-r)^t [/tex]
P(t) is the price after t years.
r is the rate of depreciation.
t is the number of years.
And P0 is the initial price .
On substituting the given values, we will get
[tex] P(t)= 15750(1-0.05)^{14}
\\
P(t) = 15750(0.95)^{14}
\\
P(t) = $7680.88 [/tex]
