Question

Find the value of the car after 7years and after 12 years. Round your answers to the nearest dollar as necessary

Answer 1

Solution:

The function is given below as

$v(t)=24,500(0.80)^t$

Step 1:

To figure out the value of the car after 7 years, we will put t=7

$\begin{gathered} v(t)=24,500(0.80)^{t} \\ v(t)=24,500(0.80)^7 \\ v(t)=5,138 \end{gathered}$

Hence,

The value of the car after 7 years will be

$\Rightarrow\text{ \ }5138$

Step 2:

To figure out the value of the car after 12 years, we will put t=12

$\begin{gathered} v(t)=24,500(0.80)^{t} \\ v(12)=24500(0.80)^{12} \\ v(12)=1683.63 \\ v(12)\approx\text{ \ }1684 \end{gathered}$

Hence,

The value of the car after 12 years to the nearest dollar will be

$\Rightarrow\text{ \ }1684$