Assume the random variable X is normally distributed with mean μ = 50 and standard deviation σ = 7. Compute the probability
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<h2>The car is about 6.6 years old.</h2>
Step-by-step explanation:
Given : An equation for the depreciation of a car is given by , where y = current value of the car, A = original cost, r = rate of depreciation, and t = time, in years. The value of a car is half what it originally cost. The rate of depreciation is 10%.
To find : Approximately how old is the car?
Solution :
The value of a car is half what it originally cost i.e.
The rate of depreciation is 10% i.e. r=10%=0.1
Substitute in the equation,
Taking log both side,
Therefore, the car is about 6.6 years old.