Find the circumference and area of a circle with radius 6 m. Use the value 3.14.
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Given:
Price of a new car = 25000
Depreciation rate = 8.25% = 0.0825
Time = 15 years.
To find:
The value of the car after 15 years.
Solution:
The exponential decay model is
Where, a is the initial value, r is the rate of decay and t is number of years.
Putting a=25000, r=0.0825 and t=15 in the above formula.
Therefore, the value of the car after 15 years will be 6871.175.