Question

A new car is purchased for 17300 dollars. The value of the car depreciates at 9.25% per year. What will the value of the car be, to the nearest cent, after 15 years?

Answer 1

For this case we have an exponential equation of the form:

$y = A (b) ^ x$

Where,

• A: initial value
• b: decrease rate
• x: number of years

Substituting values ​​in the given equation we have:

$y = (173000) (0.9075 ^{15})\\y = 4034.1$

Answer:

The value of the car after 15 days is given by:

$y = 4034.1$

Answer 2

The value of the car be, to the nearest cent, after 15 years is $4,034.09.

Using this formula

Value=P(1-rate)^Time

Where:

Principal=17,300

Rate=9.25%

Time=15

Let plug in the formula

Value = 17,300(1-.0925)^15

Value=17,300(0.9075)^15

Value=17,300(0.23318)

Value=$4,034.09

Inconclusion the  value of the car be, to the nearest cent, after 15 years is $4,034.09.

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