$2,000 was borrowed for 4 years with an interest rate of 3% compounded annually. What is the total amount owed at the end of 4 y
2 answers:
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Answer:
a. U(a) = 20000·0.9^a
b. about -$957 dollars per year
c. 13 years
Step-by-step explanation:
a) The age values are sequential, but the differences between "v" values are not constant. We suspect an exponential function. When we examine the ratios of adjacent table values, we find they are all 0.9, so the exponential function will be ...
U = (initial value)·(0.9^(age))
U(a) = 20000·0.9^a
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b) The average rate of change for the one year between age 7 and age 8 will be U(8) -U(7). A calculator evaluates that difference as -$956.59, about -$957.
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c) The car value drops by almost half in 6 years, so will drop by almost half of that in another 6 years. The car's age will be 12 or 13 years. A graph shows the age to be just over 13 years when the value is predicted to be $5000.
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A graphing calculator was used to evaluate the function and find the time associated with the given value. (See attached.) This is the "work" that was done to answer the questions.
The time to decrease to 1/4 of the original value can be found by solving ...
5000 = 25000·0.9^a
The solution is ...
a = log(.25)/log(0.9) ≈ 13.158 . . . . as found on the graph
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❖ 16 min : 28 min simplified to a fraction is
16 and 28 can both be divided by 24:
16 ÷ 4 = 4
28 ÷ 4 = 7
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