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The value of a car is $18,000 and is depreciating 6% each year. What will the value of the car be in 7 years? y=a(b)x
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10 votes
10 votes
The value of a car is $18,000 and is depreciating 6% each year. What will the value of the car be in 7 years?

y=a(b)x

User Cosmincalistru
by
3.4k points

1 Answer

7 votes
7 votes

Answer:

  • $11672.60

Explanation:

Given:

  • Initial value a = $18000
  • Rate of depreciation 6% or b = 1 - 0.06 = 0.94
  • Time x = 7 years

Find the value of the car in 7 years:

  • y = abˣ
  • y = 18000*0.94⁷ = 11672.60
User Diego Moreira
by
3.1k points
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