A car was valued at $42,000 in the year 1993. The value depreciated to $12,000 by the year 2006.
Use the compund interest formula S= P (1 + r ) ^ t to answer the following questions.
A) What was the annual rate of change between 1993 and 2006?
= ___________ Round the rate of decrease to 4 decimal places.
B) What is the correct answer to part A written in percentage form?
= _________________ %.
Use the compund interest formula S= P (1 + r ) ^ t to answer the following questions.
A) What was the annual rate of change between 1993 and 2006?
= ___________ Round the rate of decrease to 4 decimal places.
B) What is the correct answer to part A written in percentage form?
= _________________ %.