Question

Sanjeet bought a new car at the dealership for $28,000. It is estimated that the value of the new car will decrease 8% each year. Which exponential function models the value v of the car after t years

Answer 1

Answer: $\bold{V = 28,000(0.92)^t}$

Step-by-step explanation:

$V = V_0(1-r)^t$  ; where

• V₀ is the initial value
• -r is the rate of decrease
• t is the time

Given:

• V₀ = 28,000
• -r = -0.08
• t = t (unknown)

Equation:

$V = 28,000(1-0.08)^t$

$V = 28,000(0.92)^t$

Answer 2

Answer: v= 28,000(0.92)^t

Step-by-step explanation: