Question

The value of Melissa's Jeep is $28,000 and is depreciating at a rate of 14% per year. Use an exponential function to find the value of the Jeep after 6 years. Round to the nearest cent. *

Answer 1

Answer:

$12,088

Step-by-step explanation:

Value = $28,000

Rate, r = 14% = 0.14

Time = 6 years

Using an exponential function :

A = Pe^-rt

P = initial value

A = final worth

A = 28000*e^-(0.14*6)

A = 28000 * e^-0.84

A = 28000 * 0.4317105

A = 12087.894

Worth after 6 years = $12,088