Question

A new car is purchased for $43,200. The depreciates at 6.15% per year. Write an exponential equation that represents this situation. What will the value of the car be to the nearest cent after 8 years.

Answer 1

answer: v=$25,578.42

Answer 2

The answer is V = $25,578.42. Please check the explanation below to remember the steps.

Explanation:

The exponential equation that represents this situation is:

V = P(1 - r)^t

Where:

V is the value of the car after t years,

P is the initial purchase price of the car,

r is the annual depreciation rate, and

t is the number of years.

Substituting the given values into the equation, we get:

V = 43200( 1 - 0.0615)^t

To find the value of the car after 8 years, we substitute t = 8 into the equation:

V = 43200( 1 - 0.0615)^8

Solving this equation gives us the value of the car after 8 years.

V = $25,578.42.

So, the answer is V = $25,578.42.