Colleen's station wagon is depreciating at a rate of9% per year. She paid $24,500 for it in 2002. What will the car be worth in 2010 to the nearest dollar?
9% per year means that every successive year it is worth 100 - 9 = 91% of what it was the previous year
And 2010 - 2002 = 8 years
So
24500 (.91)^8 ≈ $11521
