A bicycle is worth 500 dollars , decreases in value by 7.8% per year.Set up a function to model this situation.Use the model to show how muc

Question

A bicycle is worth 500 dollars , decreases in value by 7.8% per year.Set up a function to model this situation.Use the model to show how much the bike will be worth after 5 years.

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Thông Đạt 3 years 2021-09-05T15:06:15+00:00 1 Answers 12 views 0

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  1. Jezebel
    0
    2021-09-05T15:08:06+00:00
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    Answer:

    $333.138

    Step-by-step explanation:

    Given that:

    Initial value = $500

    % decrease in value per year = 7.8% = 0.078

    Price after t years is given by :

    P(t) = initial value(1 – 0.078)^t

    Where, t = number of years

    Price after 5 years :

    t = 5

    P(5) = 500(1 – 0.078)^5

    P(5) = 500(0.922)^5

    P(5) = 500 *0.666276668105632

    P(5) = 333.138334052816

    = $333.138

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