Question

After it has been harvested, corn stored at a particular temperature will lose market value at a rate of 7% per day. if a corn harvest worth $58,280 is being stored at that temperature, what will its market value be in 6 days?

Answer 1

$37,706.59

Explanation:

You want to know the value in 6 days of a corn harvest worth $58,280 that loses 7% of its value each day.

Exponential decay

The exponential decay function can be written as ...

value = (initial value) × (1 - decay rate)^t

value = 58280·(1 -0.07)^6 ≈ 37706.59

The market value of the corn in 6 days will be $37,706.59.

<95141404393>