If the original value of a car is $18,000, and it loses value by 15% each year, then you can calculate the new value of the car after n years using following formula:
[tex]P=\$18,000\cdot (1-0.15)^n.[/tex]
When n=3, then
[tex]P=\$18,000\cdot (1-0.15)^3=\$18,000\cdot 0.85^3=\$11,054.25.[/tex]
Answer: the value of the car after 3 years is $11,054.25.
