AIR MATH

Math Question

Doug bought a new car for \( \$ 25,000 \). He estimates his car will depreciate, or lose value, at a rate of \( 20 \% \) per year. The value of his car is modeled by the equation \( V=P(1-r)^{t} \), where \( V \) is the value of the car, \( P \) is the price he paid, \( r \) is the annual rate of depreciation, and \( t \) is the number of years he has owned the car. According to the model, what will be the approximate value of his car after \( 4 \frac{1}{2} \) years? \( \$ 2,500 \) \( \$ 9,159 \) \( \$ 22,827 \) \( \$ 23,791 \)

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