Question

Alice purchased a car for $24,000. The value of the car depreciates at a rate of 5.5% each year. Which function equation represents the value of the car after t years?

*Can Someone please help me with this assignment*

Answer 1

f(t) = 24,000(0.945)^t

Answer 2

If the rate of the depreciation of the car is equal to 5.5% as given in this item, the price of the car will become 0.945 times its price the previous year. Mathematically, this can be expressed as,

F = P(0.945)^t

where F is the future amount, P is the original amount, and t is the number of years.