SOLUTION: A cell phone depreciates in value by 20% every year. If the initial cost of the phone is $250, what is the value of the phone after 6 years? Write the function to model this situat

Question 1075880: A cell phone depreciates in value by 20% every year. If the initial cost of the phone is $250, what is the value of the phone after 6 years? Write the function to model this situation and solve.

Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
If a cell phone depreciates 20% every year, then its value is 80% of the year before. So, after t years we have:
V(value)=250 x (.8)^t
After 6 years, we have:
V=250 x (.8)^6=250 x 0.262144=$65.536 as the value of the phone. ☺☺☺☺
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