Answer:
$18,112.45 (nearest cent)
Step-by-step explanation:
Let y = value of the boat
Let x = the number of years
If the boat depreciates in value by 15% each year, then each year that goes by, it is worth 85% of the previous year's value (since 100 - 15 = 85)
85% = 85/100 = 0.85
Therefore, the equation is: [tex]y = 92000 \times 0.85^x[/tex]
So, when x = 10:
[tex]\implies y = 92000 \times 0.85^{10}=18112.45[/tex]
