MEDAL :D #help
A used car has a value of $15,250 when it is purchased in 2012. The value of the car depreciates at a rate of 7.5% per year.

Write an exponential function that models the value of the car, y, over x years.
To the nearest cent, what will be the value of the car after eight years?

Question

MEDAL :D #help
A used car has a value of $15,250 when it is purchased in 2012. The value of the car depreciates at a rate of 7.5% per year.

Write an exponential function that models the value of the car, y, over x years.
To the nearest cent, what will be the value of the car after eight years?

anonymous · Answer

y = 15250*(1 - 0.075)^x

after 8 years we have x = 8

y = 15250*(1 - 0.075)^8

y = $8,173.42

after 8 years the value of the car will be $8,173.42.