Question

The value of a boat is $23,400. It loses 8% of its value every year. Write a function that represents the value y (in dollars) of the boat after t years.

Answer 1

y = $21,528t

Explanation:

Original value of the boat = $23,400

If it looses 8% every year

Amount lost = 8% of 23400

Amount lost after a year = 0.08 * 23400

Amount lost after a year =$1872

Money remaining after 1 year = 23400 - 1872

Money remaining after 1 year = $21,528

To get a function that represents the value y (in dollars) of the boat after t years, we will say;

t year = x

1 year = $21,528

Cross multiply

x *1 = $21,528t

x = $21,528t

Hence the function that represents the value y (in dollars) of the boat after t years is y = $21,528t