Algebra Word Problem?
A car is sold for $22,000. After one year, the value of the car is $16,500. Write an exponential function y to determine the value of the car after x years if the rate of decrease is the same each year.
Y = ?
Estimate the value of the car after 4 years. Round the answer to the nearest dollar.
$ = ?
Comments
Y = 22,000*(16500/22000)^t
Y = 22,000*(3/4)^t
After 4 years,
.. $ = 22,000*(3/4)^4
.. $ = 6961