Question

Ian bought a new truck for 35,000 in 2015 each year the value of the truck depreciates by 9% right and use an exponential growth function to find the value of his truck at the end of 60 month loan

Answer 1

To find the value of Ian's truck at the end of a 60-month loan, we can use the formula for exponential decay. Using the given depreciation rate of 9%, we calculate that the value of the truck will be $22,963.50.

Step-by-step explanation:

To find the value of Ian's truck at the end of a 60-month loan, we need to calculate the depreciation of the truck each year using the given depreciation rate of 9%. We can use the formula for exponential decay, which is A = P(1 - r)^n, where A is the final amount, P is the initial amount, r is the rate of decay, and n is the number of years.

1. Convert the depreciation rate to decimal form: 9% → 0.09.
2. Substitute the given values into the formula: A = 35000 * (1 - 0.09)^5.
3. Solve the equation: A = 35000 * 0.6561.
4. Calculate the final value: A = 22963.50.

Therefore, the value of Ian's truck at the end of the 60-month loan is $22,963.50.

Answer 2

$2184.11

Step-by-step explanation:

we know that y=ab^x

y= amount a=initial number b= the percentage it depreciates and x=time

we are looking for y and the initial number is the amount of the truck which is 3500

now since it depreciating by 9% you will always go 1-0.09 if it was increasing then you would go 1+0.09 but its not.

and lastly x is 60 months but since we want it in years because it depreciates yearly you will go 60/12 which is 5

the equation comes out to 3500(0.91)^5 and put that into your calculator

y= $2184.11

hope this helped

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