A new car is purchased for 20300 dollars. The value of the car depreciates at 9.5% per year. What will the value of the car be, to the nearest cent, after 11 years?
The value of the car depreciates by 9.5% per year, so the value of the car after one year is 100% - 9.5% = 90.5% of $20300.
$20300 * 0.905 = $<<20300*0.905=18381.50>>18381.50
After two years, the value of the car is 90.5% of $18381.50.
$18381.50 * 0.905 = $<<18381.50*0.905=16650.86>>16650.86
After 11 years, the value of the car is 90.5% of $16650.86.
$16650.86 * 0.905 = $<<16650.86*0.905=15061.99>>15061.99
The value of the car after 11 years will be $15061.99 (rounded to the nearest cent). Answer: \boxed{15061.99}.