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On average, a car will depreciate by about 21% of its value each year. If anew car costs $20,000, which equation can be used to find theapproximate number of years, n, the car takes to reach a value of $7,790?

On Average A Car Will Depreciate By About 21 Of Its Value Each Year If Anew Car Costs 20000 Which Equation Can Be Used To Find Theapproximate Number Of Years N class=

Answer :

The formula for the final value of an object after n years with decrease in cost at rate of r% per year is,

[tex]FV=IV(1-\frac{r}{100})^n[/tex]

Determine the relation between initial value and final value of car.

[tex]\begin{gathered} 7,790=20,000(1-\frac{21}{100})^n \\ 7,790=20,000(0.79)^n \end{gathered}[/tex]

Last option is correct.

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