An automobile is depreciating at 11% per year every year. A $30,000 car depreciating at this rate can be modelled by the equation V(t)=30,000(0.89)^t. What is an equivalent equation for this vehicle at a daily depreciation, and what is it worth (rounded to the nearest dollar) 5 years after purchase?
Responses
A. 30,000(0.9997)^365t , 17,350
B. 30,000(0.89)^365t , 16,752
C. 30,000(0.997)^t , 29,955
D. 30,000(1.00026)^365t , 48,213
