The value of the car is $7306.10 after 8 years.
Given
A new car is purchased for 16600 dollars.
The value of the car depreciates at 9.75% per year.
What is depreciation?
Depreciation denotes an accounting method to decrease the cost of an asset.
To get the depreciation of a partial year, you need to calculate the depreciation a full year first.
The formula to calculate depreciation is given by;
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Where V represents the depreciation r is the rate of interest and t is the time.
Substitute all the values in the formula;
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Hence, the value of the car is $7306.10 after 8 years.
To know more about Depreciation click the link given below.
https://brainly.com/question/13734742
