1. **State the problem:** A jet ski depreciates by 11% each year. The initial value is $8000. We need to find its value after 5 years. 2. **Formula used:** The value after depreciation each year is given by the formula for exponential decay: $$ V = P(1 - r)^t $$ where: - $V$ is the value after $t$ years, - $P$ is the initial value, - $r$ is the depreciation rate (as a decimal), - $t$ is the number of years. 3. **Apply the values:** - $P = 8000$ - $r = 0.11$ - $t = 5$ So, $$ V = 8000(1 - 0.11)^5 = 8000(0.89)^5 $$ 4. **Calculate $(0.89)^5$:** $$ (0.89)^5 = 0.5584059449 $$ (approx) 5. **Calculate the value after 5 years:** $$ V = 8000 \times 0.5584059449 = 4467.247559 $$ 6. **Round to two decimal places:** $$ V \approx 4467.25 $$ **Final answer:** The value of the jet ski after 5 years is approximately $4467.25$.