Question

A piece of land was purchased for $65,000. The value of the land has slowly been decreasing by 1% annually.
Write an exponential decay function to represent this situation.
How much will the land be worth in 20 years?

Answer 1

Answer:

Step-by-step explanation:

the starting point is 65,000

since the value of the land has been decreasing by 1% annually, it would be (0.99)^t

t = number of years = 20

equation: 65000(0.99)^20 = 531563.95