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30 July, 22:47

The value of a car is $30,000. It loses 6.5% of its value each year. What will the value of the car be after 5 years?

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  1. 31 July, 02:03
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    Decay equation = P * (1-r) ^t

    P = Principal amount = $30,000

    r = rate=0.065

    t = time (in years) = 5

    x=30,000 (1-0.065) ^5

    The value of the car in 5 years is approx. $21,438
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