Question

SOMEBODY PLEASE ANSWER THIS IVE BEEN TRYING FOR 2 DAYS NOW I NEED HELP. The value of a car is depreciating by 12% per year.
Write a rule expressing the value of the car after x years if it is currently worth $15,000.
What will the car be the worth in 10 years ? What was the car worth 5 years ago ?

Answer 1

If it is depreciating by 12% per year it forms geometric sequence with a common ratio of 100% - 12% = 88% = 0.88
The value in x years = 15000 x 0.88^x

Value in 10 years = 15000 x 0.88^10 = $4178 (to nearest dollar)

Value 5 years ago = 15000 x 0.88^-5 = $28423 (to nearest dollar)