Question

Prakash bought a new car at the dealership for $27,000. it is estimated that the value of the car will decrease 7% each year. which exponential function models the value v of the car after t years?
a. v = 27,000(0.93)^t

b. v = 27,000(0.3)^t

c. v = 27,000(1.03)^t

d. v = 27,000(1.3)^t

Answer 1

The exponential function models the value v of the car after t years is V = 27000 * (0.93)^t

How to determine the exponential model?

The given parameters are:

Initial value, a = $27,000

Depreciation rate, r = 7%

The value of the car is then calculated as:

V = a * (1 -r)^t

Substitute known values

V = 27000 * (1 - 7%)^t

Evaluate the difference

V = 27000 * (0.93)^t

Hence, the exponential function models the value v of the car after t years is V = 27000 * (0.93)^t

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