Question 7 of 11 , Step 1 of 1
$6 / 11$
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If a new truck is valued at $\$ 33,700$, what will its value be in 1 year if it depreciates $11.1 \%$ each year? Round your answer to the nearest cent, if necessary.
Answer
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Answer
\(\boxed{29959.30}\) is the value of the truck after 1 year of depreciation.
Step 1 ：Given that the original value of the truck is \$33,700 and it depreciates at a rate of 11.1% each year.
Step 2 ：To find the depreciation amount for the first year, we multiply the original value by the depreciation rate. This is calculated as \(33700 \times 0.111 = 3740.70\).
Step 3 ：Subtract the depreciation from the original value to find the value of the truck after 1 year. This is calculated as \(33700 - 3740.70 = 29959.30\).
Step 4 ：\(\boxed{29959.30}\) is the value of the truck after 1 year of depreciation.
