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OverLord2011
2 months ago
5

Doug purchased land for $8,000 in 1995. The year value of the land depreciated by 4% each year thereafter. Use an exponential fu

nction to find the approximate value of the land in 2002.
Mathematics
1 answer:
Leona [12.6K]2 months ago
4 0

Answer:

Choice C. $6,012

Step-by-step explanation:

We know that

The formula to find the depreciated value is given by

V=P(1-r)^{t}

where

V stands for the depreciated value

P represents the original value

r corresponds to the depreciation rate in decimal

t refers to the Number of Time Periods

In this scenario, we have

t = 7 years

P = $8,000

r = 0.04

Plug these into the formula mentioned earlier

V = 8,000(1-0.04)^{7} = 6,012

Hope this assists you:)

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The options related to the question are

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We have

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It is known that

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Consequently,

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