STEP-BY-STEP EXPLANATION:
The initial value of the car is $24,000
The value keeps decreasing every year by 30%
Let the number of years be x
To find the number of years, we need to apply the depreciation formula
[tex]P(1-r)^t\text{ }\leq\text{ 5900}[/tex]
Where
P = $24000
r = 0.3
The next thing is to substitute the values into the above expression
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