While cruising at a steady speed of 400 km/h, you identify a storm cloud straight ahead 45 km away. To avoid turbulence, you sta

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

Response:

Here is the solution to the question:

Detailed Steps:

The following steps will be followed in this task:

• Step 1: Utilize the formulas tab on the sheet where you will apply the function found in the FLG "Function Library group".

• Step 2: Click on the Financial button, then select PMT.
• Step 3: After selecting PMT, input "B3/12" into the rate argument box.
• Step 4: In B4, fill in the Nper argument box with the value found in cell "B2" for the Pv argument box.
• Step 5: Click the OK button to finish.