document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1098873>Question 1098873</A>: <I><SPAN STYLE=\"word-break: break-all;\"> George buys a car for $25 000 in January 2017. If the car depreciates at a rate of 12.5% per annum,<BR>\n" );
document.write( "(a) Write down an equation that represents the value of the car, defining clearly any variables you use.<BR>\n" );
document.write( "(b) How much will the car be worth in January 2023.<BR>\n" );
document.write( "(c) How long will it take for the car to depreciate to $5000. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #713338 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel1380><B>jorel1380(3719)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel1380><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=jorel1380><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=713338\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> (a)The future value of the car would be:<BR>\n" );
document.write( "FV=25,000*(1-0.125)^y  where FV is the future value of the car, and y is the number of years since January, 2017.<BR>\n" );
document.write( "(b)2023-2017=6<BR>\n" );
document.write( "FV(2023)=25,000*(0.875)^6=$11219.88 as the value of the car in the year 2023<BR>\n" );
document.write( "(c)5000=25,000*(0.875)^y<BR>\n" );
document.write( ".2=0.875^y<BR>\n" );
document.write( "ln 0.2=ln 0.875^y=y ln 0.875<BR>\n" );
document.write( "y=ln 0.2/ln 0.875=12.053 years<BR>\n" );
document.write( "&#9786;&#9786;&#9786;&#9786; </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );