The value of a new car purchased for $24,950 decreases each year by 12%. how much will the car be worth in 7 years?

Answers:
After 7 years the car is worth $10,196(,46)

Explanation:
Year 1: $24,950•0,88=21,956
Year 2: $21,956•0,88=19,321(,28)
Year 3: $19,321(,28) •0,88=17,002(,73)
Year 4: $17,002(,73) •0,88=14,962(,40)
Year 5: $14,962(,40) •0,88=13,166(,91)
Year 6: $13,166(,91) •0,88=11,586(,88)
Year 7: $11,586(,88) •0,88=10,196(,46)