Question

A new car is purchased for 23900 dollars. The value of the car depreciates at 14.25% per year. To the nearest tenth of a year, how long will it be until the value of the car is 6100 dollars?

Answer 1

Answer:

The value of the car will be 6100 dollars in 8.8 years

Step-by-step explanation:

Present value of car = $23900

The value of the car depreciates at 14.25% per year

Let x be no. of years in which  the value of the car becomes 6100 dollars

Formula: $N(t)=N_0(1-r)^t$

Substitute the values :

$6100=23900(1-\frac{14.25}{100})^x\\\frac{6100}{23900}=(1-\frac{14.25}{100})^x\\x=8.8$

Hence the value of the car will be 6100 dollars in 8.8 years

Answer 2

Answer:

The correct answer is 8.9

Step-by-step explanation: