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Answer :
The depreciated price of the car in the year 2022 is $148.47
What is depreciation?
Depreciation in economics is a measure of the amount of value an asset loses from influential factors affecting its market value.
Given that, in 1960 the average price of a new car was $2752. Between 1960 and 2022 car prices have decreased by an average of 4.6% per year.
We need to calculate the average price of a new car in 2022
The question is depreciated price of the car,
Depreciated price =
A = P(1-r)ⁿ
A = final amount
P = initial amount
r = 4.6%
n = time
Here, the time = 2022 - 1960 = 62 years
Therefore,
A = 2752(1-0.046)⁶²
A = 2752(0.954)⁶²
A = 148.47
Hence, the depreciated price of the car in the year 2022 is $148.47
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