A car bought for $13,000 depreciates at 15% per year. Use an exponential function to find the value of the car after 5 years.
1 answer:
Answer:
$5768.1
Step-by-step explanation:
Given data
Cost price= $13,000
Depreciation= 15%
Time= 5 years
The expression for the depreciation is given below
A= P(1-r)^t
Substitute
A=13000(1-0.15)^5
A=13000(0.85)^5
A=13000*0.4437
A=$5768.1
Hence after 5 years, the car will be $5768.1
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