Answer:
$2623.5
Step-by-step explanation:
We would apply the formula for exponential decay which is expressed as
A = P(1 - r)^ t
Where
A represents the value of the car after t years.
t represents the number of years.
P represents the value of the car.
r represents rate of decay.
From the information given,
P = 24500 dollars
r = 14.75% = 14.75/100 = 0.1475
t = 14 years
Therefore
A = 24500(1 - 0.1475)^14
A = 24500(0.8525)^14
A = $2623.5
