Question

A used car has a value of $15,250 when it is purchased in 2012. The value of the car decreases at a rate of 7.5% per year. Write an exponential function that models the value of the car, y, over x years. To the nearest cent, what will be the value of the car after eight years?

Answer 1

Oh this is a great question. For future reference, the formula for this would be called an exponential growth or decay function, here it Is;
Y = a( 1+r )ˣ or Y = a( 1 - r )ˣ 
the answer could be found by plugging your numbers into these equations
For example: 
Y = 15,250 ( 1 - .075)⁶ 
A value = starting value of object
R value= decimal equivalent of percent increase or decrease
x value = number of years it has been

Answer : $9552.57