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jc12821590 jc12821590
  • 12-05-2024
  • Mathematics
Answered

A car is purchased for $13,000. Each year it loses 30% of its value. After how many years will the car be worth $1500 or less? (Use the calculator provided if

necessary.)

Write the smallest possible whole number answer.

years

Verified Answer :

georgepahno georgepahno
  • 12-05-2024

Answer:

$13,000((7/10)^t) = $1,500

(7/10)^t = 3/26

t•ln(7/10) = ln(3/26)

t = ln(3/26)/ln(7/10) = 6.05 years

After 7 years, the car will be worth $1,500 or less.

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