Solution:
Given:
The value of a car after t - years will depreciate.
Hence, the equation given represents the value after depreciation over t-years.
To get the rate, we compare the equation with the depreciation formula.
Hence,
Therefore, the value of this car is decreasing at a rate of 6%. The purchase price of the car was $16,300.
Answer
Find out the how much did each student recieve .
To prove
Let us assume that each student earned in the bake sell be x .
As given
Three students earned $48.76 at the bake sell.
The students split the earnings evenly i.e earning is divided into three equal parts .
Than the equation becomes
Solving the above
x = $16.25(approx)
Therefore the each student recieve $16.25(approx) .
Hence proved