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Answer:
Value of the car after x years
Step-by-step explanation:
Exponential functions are generally expressed in the form: and since this function is decreasing, meaning it has an exponential decay, it can be expressed as:
where r=rate of decay.
In this case the a represents the initial value or y-intercept, since when x=0, (1-r)^0 = 1, so we just have y=a(1) or y=a
The r represents the rate of decay
the x usually represents the time in seconds, days, months, or whatever unit is being used
The y value represents the value of whatever your measuring, and in this context it represents the value of the car after x years.
This is because a represents the initial value
After one year it's only 85% worth it's initial value or 15% less which is represented as 0.85(a)
After two years it's only 85% worth the previous year or 15% less the previous year, which is represented as 0.85(0.85(a))
This will continue to decrease the number of years increase
Answer:
The rule of 72 is used to determine how long it will take an investment to Double
For an Investment of $5,000 earning 7% annually, this will take about ten years
Step-by-step explanation:
The rule of 72 says that to find the number of years required to double your money at a given interest rate, you just divide 72 by the interest rate
Example:
If you want to know how long it will take to double your money at 9% interest, divide 72 by 9 you will get 8 years
The formula of the rule of 72 is Y =
Let us complete the missing
The rule of 72 is used to determine how long it will take an investment to Double
The missing word is "Double"
∵ The investment is $5,000
∵ The annual interest is 7%
- By using the rule of 72
∵ Y =
∵ r = 7
∴ Y =
∴ Y = 10.29
- Round it to the nearest year
∴ Y ≅ 10 years
For an Investment of $5,000 earning 7% annually, this will take about ten years
The missing word is "ten"