A new car is purchased for 19000 dollars. The value of the car depreciates at 11.25% per year. What will the value of the car be
, to the nearest cent, after 14 years?
1 answer:
Answer: The answer is 3573.64
Step-by-step explanation:
Exponential Functions:
y=ab^x
a=starting value = 19000
r=rate = 11.25%=0.1125
Exponential Decay:
b=1-r=1-0.1125=0.8875
Write Exponential Function:
y=19000(0.8875)^x
Plug in time for x:
y=19000(0.8875)^14
y= 3573.6388855
Evaluate
:
y≈3573.64
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