Question

Kathy plans to purchase a car that depreciates at a rate of 12% per year. The initial value of the car
is $21,000. Use an exponential function to find the value of the car after 3 years.

Answer 1

Answer:

$14,310

Step-by-step explanation:

y = 21000(1-0.12)^3

Answer 2

Using an exponential function, the value of the car after 3 years is $14,310.9

Exponential equation

The standard exponential equation is expressed as:

y = a(1-r)^t

r is the rate

t is the time

a is the initial value

Given the following

r = 12% = 0.12

t = 3 years

a = $21000

Substitute

y = 21000(1 -0.12)^3
y = 21000(0.88)^3
y = $14,310.9

Hence using an exponential function, the value of the car after 3 years is $14,310.9

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