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We have been given that Jackson purchases a new car for $48,000. The car's value can be modeled by the following exponential function: where y represents the car's value and t represents time in years. We are asked to find the decay rate as a percentage.
We know that an exponential decay function is in form , where,
y = Final value,
a = Initial value,
r = Decay rate in decimal form,
x = time.
Upon comparing our given function with standard decay function
, we can see that
.
Let us solve for r.
Let us convert 0.24 into percentage.
Therefore, the decay rate is 24%.