Answer:
The correct equation that initially models the value of Rob's boat is option A, y = 40,000(0.93)*.
Since the value of the boat decreased by 7% each year, the value of the boat after three years can be represented by:
y = 40,000(0.93)^3
where y is the value of the boat after three years, and 40,000 is the initial value of the boat.
Simplifying this equation, we get:
y = 40,000(0.7951)
y = 31,804
However, we know that the actual value of the boat after three years was $32,174.28. This means that our initial assumption that the boat decreased by 7% each year is incorrect and we need to adjust the equation accordingly.
To find the correct equation, we can use the formula for exponential decay:
y = a(1 - r)^t
where y is the final value, a is the initial value, r is the rate of decay (expressed as a decimal), and t is the time in years.
In this case, we know that the final value of the boat is $32,174.28, and that the boat was owned for three years. We also know that the value of the boat decreased by 7% each year.
So we can set up an equation:
32,174.28 = 40,000(0.93)^3
Simplifying this equation, we get:
32,174.28 = 31,804.00
This equation is approximately true, which means that the initial value of the boat was $40,000 and the correct equation that initially models the value of Rob's boat is:
y = 40,000(0.93)^t
where t is the time in years.