Question

Suppose that the dollar value v(t) of a certain car that is t years old is given by the following exponential function. v(t) = 21, 300 * (1.24) ^ t

Answer 1

Given:-

$v(t)=21300(1.24)^t$

To find the initial value, does the fucnction represent growth or decay.

Here the value of a is 21300.

So we get,

$1+r=1.24$

So the value of r is,

$r=0.24$

So now we get percentage is,

$24\%$

Rate of change is 24%.

So the required solution is,

$initial\text{ value =21300}$

So the percentage range is,

$24\%$