Kyle buys a car for $58,000. His car immediately starts depreciating, losing 23% of its value every year. How much will the car be worth in 12 years?If necessary, round your answer to the nearest cent.

To calculate the value of the car after 12 years, we need to apply the annual depreciation rate of 23% to the initial value of the car for each of the 12 years.

Here are the steps:

1. Convert the depreciation rate from a percentage to a decimal by dividing by 100. So, 23% becomes 0.23.

2. Subtract the depreciation rate from 1 to find the annual depreciation factor. So, 1 - 0.23 = 0.77. This means that each year, the car retains 77% of its value from the previous year.

3. Raise the annual depreciation factor to the power of the number of years to find the total depreciation factor over the given time period. So, 0.77^12 = 0.054.

4. Multiply the initial value of the car by the total depreciation factor to find the value of the car after the given time period. So, $58,000 * 0.054 =$3,132.

So, the car will be worth approximately $3,132 after 12 years, rounded to the nearest cent.