Question

Every year, the cost of solar panels drops by roughly 6%. If solar panels currently cost $5,918 per kilowatt, what will the per-kilowatt cost be in 8 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 &5918\\ r=rate\to 6\%\to (6)/(100)\dotfill &0.06\\ t=years\dotfill &8\\ \end{cases} \\\\\\ A = 5918(1 - 0.06)^(8) \implies A = 5918( 0.94 )^(8)\implies A \approx 3607.43`