Answer:
Step-by-step explanation:
Answer:
Step-by-step explanation:
The price p, in dollars, of a specific car that is x year old is modeled by the function p(x)=22,255(0.91)^x
a) to determine the cost of a 2 year old car, we will substitute 2 for x in the given function. Therefore
p(2)=22,255(0.91)^2
p(2)=22,255 × 0.8281 = $18673.655
Approximately $18674
b) to determine the cost of a 7 year old car, we will substitute 7 for x in the given function. Therefore
p(7)=22,255(0.91)^7
p(2)=22,255 × 0.51676101936 = 11500.51648579693
Approximately $11501
c) 0.91 indicates exponential decay rate. It is a fixed percentage by which the value of the car decreases every year. It is determined by (1 - rate of decay)
