Automobiles start losing value, or depreciating, as soon as they leave the car dealership. Five years ago, a family purchased a new car that cost $16,490. If the car lost 13% of its value each year, what is the value of the car now?

$8,218.96

Step-by-step explanation:

At the end of the 1st year, 16,490 - (16,490 *13/100) = $14,346.3

At the end of the 2nd year, 14,346.3 - (14346.3*13/100) = $12,481.28

At the end of the 3rd year, 12481.28 - (12481.28*13/100) = $10,858.71

At the end of the 4th year, 10858.71 - (10858.71*13/100) = $9,447.08

At the end of the 5th year, 9447.08 - (9447.08*13/100) = $8,218.96