Question

car buyer bought a used car for $20,250. The car depreciates by 11% per year. The following equation describes the value of the car, where y represents the number of years since the car was purchased. v ( y ) = 20 , 250 ( 1 − 0.11 ) y Which equation is equivalent and can be used to determine the value of the car 6 months after it was purchased? v ( y ) = 20 , 250 ( 0.89 ) 6 v ( y ) = 20 , 250 ( 0.89 ) 6 v ( y ) = 20 , 250 ( 0.89 1 12 ) 6 v ( y ) = 20 , 250 ( 0.89 1 12 ) 6 v ( y ) = 20 , 250 ( 0.89 ) 1 12 ( 0.89 ) 6 v ( y ) = 20 , 250 ( 0.89 ) 1 12 ( 0.89 ) 6 v ( y ) = 20 , 250 ( 0.89 ) 6 ( 0.89 ) 6

Answer 1

The equation that can be used to determine the value of the car after 6 months is v(y) = 20,250(0.89)^6/12

What is deprecation?

Depreciation is the rate of decrease in value of an asset. When an asset depreciates, it declines in value with the passage of time.

What equation represents the value of the car after 6 months?

The formula that can be used to represent depreciation is:

FV = P (1 + r)^n

• FV = Future value
• P = Present value
• R = interest rate
• N = number of years

v(y) = 20,250(1 - 0.11)^t

v(y) = 20,250(0.89)^6/12

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