You purchase a new car for $23,200. The value of the car decreases by 22% each year.
Part a: Write a function that can be used to find the car’s value after t years.
Part b: To the nearest dollar, estimate the value of the car after 6 years.
a. f(x)= 23200*0.78^t Exponential functions follow the form y=ab^x where a is the initial value, b is the growth or decay rate (1-0.22), and x is time.
b. f(6)= 23200*0.78^6 23200*0.22519... 5224.630...
