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A car was purchased for $24,000. Its value is predicted to decay exponentially, decreasing by 13% each year. Write an equation to determine the value of the car.

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samuelonum1

Answer:

y= P(0.87)^t

Step-by-step explanation:

Given data

Price P=  $24,000

Rate of decay in price= 13%

The expression in terms of y, p and t  is

y=P(1-r)^t

y= P(1-0.13)t

y= P(0.87)^t

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