Question

A car was valued at $35,000 in the year 1995. The value depreciated to $10,000 by the year 2008.

A) What was the annual rate of change between 1995 and 2008?
r
=
Incorrect Round the rate of decrease to 4 decimal places.

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

C) Assume that the car value continues to drop by the same percentage. What will the value be in the year 2011 ?
value = $
Incorrect Round to the nearest 50 dollars.

Answer 1

The annual rate of change between 1995 and 2008 is 71.43%. In the year 2011, assuming the car value continues to drop by the same percentage, the value of the car would be $7,143.

Step-by-step explanation:

To find the annual rate of change between 1995 and 2008, we need to calculate the percentage decrease in the value of the car.

Step 1: Find the difference in the values of the car between 1995 and 2008: $35,000 - $10,000 = $25,000

Step 2: Calculate the percentage decrease: $25,000 ÷ $35,000 = 0.7143

Step 3: Convert the decimal to a percentage: 0.7143 × 100 = 71.43%

So, the annual rate of change between 1995 and 2008 is 71.43%. In the year 2011, assuming the car value continues to drop by the same percentage, the value of the car would be $10,000 - ($10,000 × 0.7143) = $7,143.