SOLUTION: A used car has a value of $15,250 when it is purchased in 2012. The value of the car depreciates at a rate of 7.5% per year.
Write an exponential function that models the value
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Question 933535: A used car has a value of $15,250 when it is purchased in 2012. The value of the car depreciates at a rate of 7.5% per year.
Write an exponential function that models the value of the car, y, over x years.
To the nearest cent, what will be the value of the car after eight years?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
y = 15250 * (1-.075)^x
this simplifies to y = 15250 * .925^x
when x = 8, the value of the car is equal to 15250 * .925^8 = 8173.42
each year it's worth 7.5% less.
example:
in year 7 it was worth 8836.13
7.5% of 8836.13 = 662.71
subtract that from 8836.13 and you get 8173.42.
this happens every year.
the graph of the equation looks like this:
the horizontal line is at y = 8173 which intersects the graph of the equation in year 8.
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