Question

In the fall of 2020, Apple released the iPhone 12 Pro Max phone that was sold for $1099. If the value of the phone goes down by 8% each month, how much would the phone be worth in 8 months?

Round your answer to the nearest whole dollar.

Answer 1

$564

if you substitute the values into the equation for exponential decay:

1099(1-.08)^8

1099(.92)^8

1099(0.513218873)

564.027541, which rounds to

564