SOLUTION: Houses in Madison's town are losing 11% of their value each year. 1.) Let v be the current value of Madison's house. Write an equation that describes the projected value, p, at

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Question 966913: Houses in Madison's town are losing 11% of their value each year.
1.) Let v be the current value of Madison's house. Write an equation that describes the projected value, p, at a time t years from now.
2.) Rewrite your equation to find the effective monthly percentage decrease in value.
Answer by BC17(9) About Me  (Show Source):
You can put this solution on YOUR website!
v = current value of Maddys house
p = projected value
t = timr
current value minus the 11% lost of value per year = the projected value
v - 11%t = p (REMEMBER TIME IS IN YEARS IF YOU WANT TO CALCULATE FOR A NUMBER OF MONTHS YOU WILL NEED TO / BY 12)
Rewrite equation
Simply 11% divide by 2 = 5.5% decrease per month
therefore
v - 5.5%t = p (REMEMBER TIME IS IN MONTHS IF YOU WANT TO CALCULATE FOR A NUMBER OF YEARS YOU WILL NEED TO * BY 12)