The average depreciation rate of a new boat is approximately 8% per year. If a new boat is purchased at a price of $75,000, which model is a recursive formula representing the value of the boat n years after it was purchased?-> 3) a = 75,000(1,08)" 4) a₁ = 75,000 a = 0.92(a) (1) 2) a, = 75,000(0.08)" - a₁ = 75,000 0 a, = (0.92)"

The average depreciation rate of a new boat is approximately 8% per year. If a new boat is purchased at a price of $75,000, which model is a recursive formula representing the value of the boat n years after it was purchased?-> 3) a = 75,000(1,08)" 4) a₁ = 75,000 a = 0.92(a) (1) 2) a, = 75,000(0.08)" - a₁ = 75,000 0 a, = (0.92)"

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,...

See similar textbooks

Similar questions

Example 16. Mr X saved Rs. 18500 in 10 years. In each year after the first he saved Rs. 200 more than he did in the preceding year. How much did he save in the first year.
Assume that $10000 is invested at an interest rate of 5% per year compounded continuously. (a) What is the amount in the account after 2 years compounded (1) quarterly (ii) continuously (b) After what period-of-time will the investment be doubled in value if the investment is compounded continuously?
) Suppose the following expression gives us how much a certain investment account worths after some number of years. 40 0.05 2500 (1+ 4 (a) How much was the initial deposit? (b) How much is the annual interest rate? (c) How often is the interest compounded per year? (d) After how many years does the account worth this much? 5.
(3) ? 698 (4) 700 5000 becomes ? 7000 in 4 years at a certain rate of interest. If the rate becomes 1.5 times of itself, the nount of the same principal in 5 years will be 7 8000 e sum of money that will give l as simple interest per day at the rate of 5% per annum is * 730 (2) 7875 (3) 9000 (4) 9250 (2) 3650 (3) 7300 (4) 36500
Question 50 To demonstrate the power of compound interest, a comparison of investing $1000 is made. Both accounts pay 8% interest per year. Simple Bank pays simple interest while Compounding Bank pays interest that is compounded yearly. Use the table below to demonstrate the amount that is in the account after each of the first three years, then calculate the difference between the final amounts. Format Font B✓ Font... <-123 < + v 11.
Suppose that $1,000 is invested at 9% interest compounded monthly. Use the formula A = P 1 + r n nt . (a) How long (to the nearest month) before the value is $1,250? years, months (b) How long (to the nearest month) before the money doubles? years, months(c) What is the interest rate (compounded monthly and rounded to the nearest percent) if the money doubles in 5 years?%