In 1908, a Model T cost $950. By 1927, Ford had become so efficient that the car's price dropped to $280. What was the percentag
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ANSWER
EXPLANATION
The problem represents a geometric progression.
The general form of a geometric sequence is:
where a = first term
r = common ratio
The first term from the table is the first price (for the first month). That is $80.00
To find the common ratio, we divide a term by its preceeding term.
Let us divide the price of the second month from the first.
We have:
The price after the 8th month is the value of a(n) when n = 8
So, we have that: