The value of a company van is $15,000 and decreased at a rate of 4% each year. Approximate how much

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The value of a company van is $15,000 and decreased at a rate of 4% each year. Approximate how much the van will be worth in 7 years.

Each year, the van is worth 100% - 4% = 96%, or 0.96. We have the Book value equation:
B(t) = 15000(0.96)^t where t is the time in years from now.

The problem asks for B(7):
B(7) = 15000(0.96)^7
B(7) = 15000(0.7514474781)
B(7) = 11,271.71