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sveta
7 days ago
6

A car with an initial cost of $23,000 is decreasing in value at a rate of 8% each year. Write the exponential decay function des

cribed in this situation. Then use your function to determine when the value of the car will be $15,000, to the nearest year.
Mathematics
1 answer:
tester [11.9K]7 days ago
3 0

Answer:

Step-by-step explanation:

We will utilize the exponential decay formula described as

A = P(1 - r/n)^(nt)

Where

A symbolizes the value after a time period t.

n refers to the timeframe for value loss calculation

t indicates the number of years.

P stands for the population value.

r indicates the rate of decrease.

Based on the provided data,

P = 23000

r = 8% = 8/100 = 0.08

n = 1

Thus, the exponential decay function fitting this situation is

A = 23000(1 - 0.08/n)^1)^ t

A = 23000(0.92)^t

If A = 15000, it follows that

15000 = 23000(0.92)^t

0.92^t = 15000/23000 = 0.6522

Taking logarithm of both sides to base 10

Log(0.92^t) = log(0.6522)

t log(0.92) = log(0.6522)

- 0.036t = - 0.1856

t = - 0.1856/- 0.036

We find t = 5 years rounded to the nearest year

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Where

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Please reach out if further clarification is needed or if something was unclear.

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