SOLUTION: Jacques bought a new car for $15000. Each year, the value of the car depreciates to 70% of its value the previous year. In how many years will the car be worth only $500?

Question 390342: Jacques bought a new car for $15000. Each year, the value of the car depreciates to 70% of its value the previous year. In how many years will the car be worth only $500?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
If the 1st year was
after 1 year
after 2 years
after 3 years
The general formula would be:
= dollars of value after years

Take the log of both sides

About 9 years, 6 months and 13 days
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