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Using an exponential function, it is found that the value of the car after 5 years will be of $8,527.
<h3>What is an exponential function?</h3>A decaying exponential function is modeled by:
In which:
- A(0) is the initial value.
- r is the decay rate, as a decimal.
For this problem, the initial cost and the decay rate are given as follows:
A(0) = 23000, r = 0.18.
Hence the value of the boat after t years is given as follows:
The value after 5 years will be of:
The value of the car after 5 years will be of $8,527.
More can be learned about exponential functions at brainly.com/question/25537936
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