Question

The value of a new 2022 Jeep Wrangler Rubicon was $67,035 when it went on the market. The value of the car depreciates at a rate of 9.7% per year. Which function models the car's value, V, t years since 2022?

Answer 1

If the value of the 2022 Jeep Wrangler Rubicon depreciates at a rate of 9.7% per year, then its value after t years can be modeled by:

V(t) = 67,035(1 - 0.097)^t

Simplifying the right side:

V(t) = 67,035(0.903)^t

Therefore, the function that models the car's value, V, t years since 2022 is V(t) = 67,035(0.903)^t.