Answer:
$32.60
Step-by-step explanation:
This question has to to do with exponential decay. The formula is given as:
y = a(1 - r)^x
y = Value of the material after x years
a = Initial value of the material
x = Time in years
r = rate of depreciation or decay
Therefore,
y = 4500 × (1 - 0.28)¹⁵
y = 4500 × 0.72¹⁵
y = $32.598675906
y = Approximately = $32.60
Therefore the of the car after 15 years = $32.60
