Question

You bought a car for $5,000. Each year it appreciates in value by 8.5%. Which equation can be used to find the value, v, of the car, x years after it was purchased?\

Answer 1

The equation that represents the value of the car is v = $5000(1.085)^x.

What equation represents the value of the car?

Appreciation means when the value of a car increases with the passage of time. The formula that can be used to represent appreciation is:

FV = P (1 + r)^n

Where:

• FV = Future value
• P = Present value
• R = interest rate
• N = number of years

V = 5000(1.085)^X

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