The initial value of car is $24,000. After one year the value of the car is $19

Trent Carpenter

Trent Carpenter

Answered question

2021-09-19

The initial value of car is $24,000. After one year the value of the car is $19,3550. What exponential dunction models the expected value of the car? Estimate the value of the car after 4 years.

Answer & Explanation

Roosevelt Houghton

Roosevelt Houghton

Skilled2021-09-20Added 106 answers

Given data is :
The initial (t=0) value of the car is $24000
After one year (t=1) the value of the car is $19350
Let exponential model is f(t)=Aekt
At t=0,
f(0)=24000
Ae0=24000
A=24000
After 1 years t=1
f(1)=19350
Aek×1=19350
24000ek=19350
k=0.2153
Substitute value A and k in f(t)
f(t)=24000e0.2153t
Cost after 4 years is
f(4)=$24000e0.2153t
=$10143.71
$10144
Thus, the cost of a car after 4 years is $10144

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