Try Yourself $-$ Question $3$

A car that cost $$21,450$ new is worth $$11,050$ five years later. What percent

depreciation rate would lead to this value?

A$.7\mathrm{.}2\%$

B$.9\mathrm{.}8\%$

$10\mathrm{.}6\%$

D$.11\mathrm{.}3\%$

E$.12\mathrm{.}4\%$

Recall that $i=(\frac{FV}{PV}{)}^{\frac{1}{n}}-1$