The approximate value of the car after 8 years is $6257.64.
What does depreciation mean?
Depreciation means that the value of an asset declines with the passage of time.
What is the value of the car after 8 years?
FV = P (1 + r) ^n
Where:
- FV = Future value
- P = Present value
- R = rate of decline
- N = number of years
$17,400 x (100 - 12)^8
$17,400 x (0.88)^8 = $6257.64
To learn more about future value, please check: https://brainly.com/question/18760477
