Question

Helppp pleaseee i would appreciate it

A car was valued at $37,000 in the year 1992. The value depreciated to $15,000 by the year 2007.
A) What was the annual rate of change between 1992 and 2007?
r= ---------- Round the rate of decrease to 4 decimal places.

B) What is the correct answer to part A written in percentage form?
r= ------------%

C) Assume that the car value continues to drop by the same percentage. What will the value be in the year 2010 ?

value = $ ------------- Round to the nearest 50 dollars.

Answer 1

Answer:A) To find the annual rate of change (or rate of decrease), we need to use the formula:

r = (Vf/Vi)^(1/n) - 1

where:

Vf = final value = $15,000

Vi = initial value = $37,000

n = number of years = 2007 - 1992 = 15

Plugging in the values, we get:

r = (15,000/37,000)^(1/15) - 1

r = 0.056