Question

An automobile is depreciating at 11% per year, every year. A $30,000 car depreciating at this rate can be modeled 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 thousand dollar) 5 years after purchase?

V(t) = 30,000(0.9997)365t, $17,000
V(t) = 30,000(0.9997)t, $30,000
V(t) = 30,000(1.00026)365t, $48,000
V(t) = 30,000(0.89)365t, $17,000

Answer 1

@mathstudent55

Answer 2

@Howard-Wolowitz