Ryan bought a brand new car for $18,000. Its value depreciated at a rate of 1.2%.
1 answer:
Answer:
A(t)= 18000(0.988)^t
Step-by-step explanation:
Given data
Ryan bought a brand new car for $18,000
Its value depreciated at a rate of 1.2%
Let us use the compound expression
A= P(1-r)^t
substitute
A= 18000(1-0.012)^t
A(t)= 18000(0.988)^t
Hence the expression is A(t)= 18000(0.988)^t
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