SOLUTION: the value of a new car purchased for 36000 decreases 7.5% each year how long will it take for the value of the car to reach 20000

Question 832730: the value of a new car purchased for 36000 decreases 7.5% each year how long will it take for the value of the car to reach 20000
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
the value of a new car purchased for 36000 decreases 7.5% each year how long will it take for the value of the car to reach 20000
------
Each year it retains 0.925 of its last-year value.
-------
Ans: V(t) = 36000*(0.925)^t
-----
Solve: 36000(0.925)^t = 20000
-----
t*log(0.925) = log(20/36)
----
t = log(5/9)/log(0.925)
-----
t = 7.54 years
=================
Cheers,
Stan H.
RELATED QUESTIONS
Ms. Smith purchased a car in 2017 for $30,000. If the value of her car depreciates at a... (answered by Boreal)

Alex purchased a new car for $28,000. The car's value depreciates 7.25% each year. What... (answered by josgarithmetic)

A certain car depreciates about 15% each year. The original value of the car is $20,000... (answered by josgarithmetic)

Jonas purchased a new car for $25,000. Each year the value of the car depreciates by 20%... (answered by josmiceli)

A car is purchased for $23,500 . After each year, the resale value decreases by 20% (answered by josgarithmetic)

The value of a new car depreciates at a rate of 34% each year from the year it is driven... (answered by stanbon)

Shannon buys a car for $33,500. The car depreciates in value by 15% pere year. How long... (answered by Fombitz)

Carl bought a car for $5,000. The value of the car is decreasing by 9% each year. Janet... (answered by josgarithmetic,MathTherapy)

The value of a certain car decreases at the rate of 300 dollars each month after being... (answered by arallie)