A sailboat depreciates at 15% of its original value each year. If the sailboat was $9,500 at its time of purchase, what is the value of the sailboat after 7 years?

Its value is multiplied by (1 -15%) = 0.85 each year.
.. $9500*0.85⁷ ≈ $3045 . . . . . value after 7 years