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Finding the time to reach a limit im a word problem

Finding the time to reach a limit im a word problem-example-1
User VRPF
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1 Answer

27 votes
27 votes

Explanation:

The initial value of the car is $24,000

The value keeps decreasing every year by 30%

Let the number of years be x

To find the number of years, we need to apply the depreciation formula


P(1-r)^t\text{ }\leq\text{ 5900}

Where

P = $24000

r = 0.3

The next thing is to substitute the values into the above expression


undefined

User Abesto
by
2.6k points