The car would be worth $9400 in the year 2004.
How to determine the worth of the car?If the car depreciates by 11% each year, then its value at the end of each year will be 89% of its value at the beginning of the year (100% - 11% = 89%). Therefore, the value of the car after 1 year will be:
$15000 * 0.89 = $13350
The value of the car after 2 years will be:
$13350 * 0.89 = $11881.50
The value of the car after 3 years will be:
$11881.50 * 0.89 = $10576.77
The value of the car after 4 years (in the year 2004) will be:
$10576.77 * 0.89 = $9422.19
Therefore, the car would be worth $9400 in the year 2004.
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