SOLUTION: Peyton bought a car for $38,000 an it’s value depreciates 18% each year. After how many years will his car be worth less than $10,000?

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Question 1108946: Peyton bought a car for $38,000 an it’s value depreciates 18% each year. After how many years will his car be worth less than $10,000?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Peyton bought a car for $38,000 an it’s value depreciates 18% each year. After how many years will his car be worth less than $10,000?
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Each year the car is worth 82% of last year's value.
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Equation::
38000*0.82^x < 10,000
0.82^x < 5/19
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x < log(5/19)/log(0.82)
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x < 6.72 years
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Cheers,
Stan H.
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