SOLUTION: Lucy bought a car for $23,000. The value of the car depreciates at about 17% each year. When will the value of the car be $10000?
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Question 749196: Lucy bought a car for $23,000. The value of the car depreciates at about 17% each year. When will the value of the car be $10000? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Lucy bought a car for $23,000. The value of the car depreciates at about 17% each year. When will the value of the car be $10000?
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Each year the car is worth 83% of its previous year's worth.
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Solve 10,000 = 23000(0.83)^k
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(0.83)^k = 10/23
k = [log(10/23)]/[log(0.83)] =
k = 4.47 years
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Cheers,
Stan H.
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