Answer:
18. $5890
19. Mitsubishi Mirage
Explanation:
The depreciated value can be found using an exponential relation. The decay rate here is given as 12.5%. The exponential function will have the form ...
y = a·b^x . . . . . a = initial value, b = decay factor = 1 - decay rate
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18.
The above equation will have a=15,000, representing the initial value of the car. It will have b=(1-0.125) = 0.875, the decay factor for the car's value. In the 7 years between your 18th and 25th birthdays, the car will have declined in value to ...
y = $15000·0.875^7 ≈ $5890.44
When you turn 25, the car will be worth about $5890.
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19.
We found three cars with a price under $15,000:
- Nissan Versa
- Chevrolet Spark
- Mitsubishi Mirage
Of these, the Mirage gets the best mileage and has the most cargo space. (It also has the smallest engine.) The Spark has a continuously-variable transmission, not a 5-speed manual, so will be somewhat easier to drive. Its mileage is almost as good, but its range is about 10% less than that of the Mirage or Versa.
(Your curriculum may offer different choices. We cannot tell.)
Perhaps you got a Mitsubishi Mirage.