SOLUTION: Ms. Smith purchased a car in 2017 for $30,000. If the value of her car depreciates at a rate of 12% per year, how long will it take for the value of her car to reach $12,000?

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: Ms. Smith purchased a car in 2017 for $30,000. If the value of her car depreciates at a rate of 12% per year, how long will it take for the value of her car to reach $12,000?       Log On


   

Question 1134298: Ms. Smith purchased a car in 2017 for $30,000. If the value of her car depreciates at a rate of 12% per year, how long will it take for the value of her car to reach $12,000?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
12000=30000*0.88^x, x is number of years
this is 0.4=0.88^x
take log both sides
log 0.4=x log 0.88
divide by log 88 both sides
x=7.17 years or in the 8th year.