SOLUTION: Hello, could someone please help me with a two part problem writing equations? The problem states: Houses in Madison's town are losing 11% of their value each year. Let v be the

Question 1026874: Hello, could someone please help me with a two part problem writing equations? The problem states: Houses in Madison's town are losing 11% of their value each year. Let v be the current value of Madison's house. Write an equation that describes the projected value, p, at a time, t, years from now. I have P=V(1-r)^t and after substituting 11 for r, I got the equation P=V(0.89)^t. Then, the next part states "Rewrite your equation to find the effective monthly percentage decrease in value". I thought it might be V=(1-0.11/12)^12t, but I'm not sure. Any help would be appreciated!
Answer by josgarithmetic(39620) (Show Source): You can put this solution on YOUR website!
You want to change the equation from viewing as a yearly period to view as a monthly period.

will give the rate kept for a one-month period.

Next is to make the adjustment for amount of time. t is still YEARS. You know the fact 12 months IS 1 year.
, so you seem to ALMOST have the formula correct -----just need the proper grouping symbols for the rendering into "notation".

-------------but remember --- t is used in YEARS.
RELATED QUESTIONS
The highest January temperature in the United States was 98 degrees F in Laredo, Texas.... (answered by MathTherapy)

hello can someone please help me with this problem: Give an example of an identity... (answered by rapaljer)

Could someone please help me with this tricky word problem??? The demand and supply... (answered by jim_thompson5910)

Hello, Could someone help me solve this problem please? Thanks in advance.... (answered by ankor@dixie-net.com)

Hello, the following problem involves with finding the radius of a cylinder with just the (answered by Theo)

Hello, Can someone please help me with this math problem it is from the college... (answered by stanbon)

Hello, I have this problem to solve, I have tried to do the equation for it, but I am... (answered by rfer)

I really need some help solving this word problem. I have answered parts a & b but not... (answered by vleith)

Will someone please help me solve this problem? The problem states: find two positive... (answered by bucky)