Question

Devon purchased a new car valued at $16,000 that depreciated continuously at a rate of 35%. Its current value is $2,000. The equation 2,000=16,000(1-r)^t represents the situation, where t is the age of the car in years and r is the rate of depreciation. About how old is Devon’s car? Use a calculator and round your answer to the nearest whole number.
1 year
2 years
5 years
8 years

Answer 1

The correct answer is A