Joe purchases a truck for $48,662. He expects the useful
life of the truck to be 15 years, at which time its value will have depreciated
to $11,431. The annual depreciation rater (in decimal form) is given by the formula:
r= 1 - (s/c)^1/n
where n is the useful life of the item (in years), S is the salvage value (in dollars), and C 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)?