A car that is purchased got 24000 is expected to depreciate at a rate of 7% per year. If the function f(x)=ab^x models this situ
ation, which function could be used to find the value of the car after 10 years?
1 answer:
Answer:
FV= 24,000*(1.07^-10)
Step-by-step explanation:
Giving the following information:
Present Value (PV)= $24,000
Decrease rate (d)= 7%
Number of periods (n)= 10 years
<u>To calculate the value of the car after 10 years, we need to use the following formula:</u>
FV= PV*(1+d)^-n
FV= 24,000*(1.07^-10)
FV= $12,200.38
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