the value of a car depreciate by 13% of it value in the first year. in the subsequent year the depreciation is 8% of its value at the beginning of the year.the value of the car when new is $45000. find its value when it is four years old.
so we want 1 year at 13% and 3 years at 8%
value at end of 4 years
= 45000(.87) (.92)^3
= $30,485.64