Question 7 of 11 , Step 1 of 1 $6 / 11$ Correct 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 How to enter your answer (opens in new window)

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.