Question

The value of a book is $258 and decreases at a

rate of 8% per year. Find the value of the book
after 11 years.

Answer 1

`\qquad \textit{Amount for Exponential Decay} \\\\ A=P(1 - r)^t\qquad \begin{cases} A=\textit{current amount}\\ P=\textit{initial amount}\dotfill &258\\ r=rate\to 8\%\to (8)/(100)\dotfill &0.08\\ t=years\dotfill &11\\ \end{cases} \\\\\\ A = 258(1 - 0.08)^(11) \implies A=258(0.92)^(11)\implies A \approx 103.11`

Answer 2

The value of the book after 11 years is $103.11

The equation should be 258*0.92, 11 times repeating.

The answer should be 103.106443494, but if you round it the answer is 103.11