Using an exponential function, it is found that it takes 5.42 years for the car to halve in value.
<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.
In this problem, the car depreciates 12% a year in value, hence r = 0.12 and the equation is given by:
.
It halves in value at t years, for which A(t) = 0.5A(0), hence:
t = 5.42.
It takes 5.42 years for the car to halve in value.
More can be learned about exponential functions at brainly.com/question/25537936
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