Question

A used car has a value of $15,250 when it is purchased in 2012. The value of the car decreases at a rate of 7.5% per year.

Write an exponential function that models the value

of the car over

years.
To the nearest cent, what will be the value of the car after eight years?

Answer 1

8173.42

Explanation:

I just know it's correct

Answer 2

after 8 years the value of the car would be $8,173.42

Explanation:

the given P=15250

r=7.5/100=0.075

t=x

y = 15250*(1 - 0.075)^x

after 8 years we would have

x = 8

y = 15250*(1 - 0.075)^8

y = $8,173.42

after 8 years the value of the car would be $8,173.42