Question

So, everywhere I've seen this question, each answer was different. Can someone please explain for me? The graph can be found at http://tinypic.com/r/2lc9s4/7
The exponential decay graph shows the expected depreciation for a new boat, selling for $3500, over 10 years.
a. Write an exponential function for the graph.
b. Use the function in part a to find the value of the boat after 9.5 years
I understand the formula Value(after time)=Value(initial)*e^rt
except what does e stand for?

Answer 1

e is a constant

Answer 2

e is the base of a natural log. The real name is Euler's number but e is easier.

Answer 3

https://en.wikipedia.org/wiki/E_(mathematical_constant)

Answer 4

e is known as euler's constant approximately equal to 2.7182818284.....

Answer 5

It's approx value is 2.718281828459045

Answer 6

Thank you all, very much. Now I think I can find the answer to this.

Answer 7

If anyone's still there, is the formula correct? ...if r is the slope and t is the time passed, I'd multiply them as the exponent?

Answer 8

Yes.

Answer 9

Thank you!

Answer 10

Trying to find r so not yet...literally every website has a different answer. It's confusing.

Answer 11

There's another one but since they're so close, I think I trust both. http://openstudy.com/study#/updates/50dd2086e4b0d6c1d5432071
Do you know exactly how r is calculated?

Answer 12

okay so your price is decaying at some rate we can solve for rate by the points given