Answered: Sam bought a used car for 8000. He…

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Sam bought a used car for 8000. He boasted that he got a great deal since the value of the car two years ago was 15000. His friend, derek, was skeptical, stating that the value of the car typically depreciates about 25% per year, so Sam got a bad deal Use dereks logic to write a formula for the value of sams car. Use t for the total age of the car in years V(t)_______

Expert Solution

Step 1

Given data:

The initial value of the car is I₀=15000.

The depreciation rate is r=25%=0.25.

The given time is t=2 years.

The amount at which Sam bought the car is A=8000.

The expression for the value of the car after t time is,

$V (t) = I_{0} {(1 - r)}^{t}$

Substitute the given values in the above expression.

$\begin{array}{rcl} V (2) & = & 15000 {(1 - 0.25)}^{2} \\ = & 15000 {(0.75)}^{2} \\ = & 8437.5 \end{array}$

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