Question

Silas just bought a used car for $5000. It loses value at a rate of 30% per year. The value of the car in n years is modeled by the formula f(n)=5000*(0.70)^ n-1 . Approximately how much will the car be worth in 5 years?

Answer 1

$1200.50

plug 5 for n

5000(.7)^4

5000*.2401

=1200.5