Joe purchases a truck for $48,613. He expects the useful
life of the truck to be 14 years, at which time its value will have depreciated
to $12,665. The annual depreciation rater in decimal form) is given by the formula
r=1-(
where is the useful fose of the item (in years). Sis the salvage value in dollars), and is the original cost in dollars). What annual depreciation rate did the dealership use (express
the answer in decimal form rounded to the nearest 100th)?