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

Related questions

Q: the formula for continuous compounding to compute the balance in the account after 1, 5, and 20…

Q: sted is compounded monthly rather than compounded annually?

A: We cannot add funds to the present account so annuity will cover the present worth but cannot be…

Q: What was the initial amount deposited in the bank account? Round your answer to the nearest integer.…

Q: 11) $268 is deposited into a savings account at 4% interest, compounded quarterly. To the nearest…

Q: Jose invests $200 in an account with 5% APR compounded monthly. (a) Give the formula for the amount…

Q: A sum of $1000 is invested in an account that pays an annual interest rate of 1.6% per year. Assume…

Q: Use the compound interest formulas A = P1.nt and A = Pert to solve. %3D Find the accumulated value…

A: We have to find accumulated value of an investment.

Q: nt 21) Use the formula A = P ( 1 + -) to determine how much money you will owe in 4 years if you…

A: Given that i borrowed $5600 at 4.7% for 4 years. We need to find how much money i will owe after 4…

Q: If $6000 is invested in an account that pays 3% annual compounded interest, compare the amount in…

Q: Suppose that $1,000 is invested at 6% interest compounded monthly. Use the formula nt A = P(1 + − )…

A: In the given, we can compute the following by using the formula for compounded interest, we…

Q: Use properties of rational exponents to solve the compound interest formula for the interest rate, r

A: NOTE: Refresh your page if you can't see any equations. . the compound interest formula is given by…

Q: How long will it take for $3000 to grow to $7000 if the investment earns. an interst rate of 4% per…

A: The compound interest formulaA=P(1+rn)nt WhereA is the future value of the investment.P is the…

Q: 3) If interest is compounded semi-annually, which expression represents the account balance in t…

A: Compound interest earned on an amount P at an annual rate of interest r for a tenure of t years is…

Q: nt Use the compound interest formulas A = P and A = Pet to solve the problem given. Round answers to…

Q: a) Jerry decides to invest his $1000 into a compound interest account. The account compounds monthly…

Q: A deposit of $300 is made at the beginning of each month for Byears in an acount Page 34% interst,…

A: Definition used - Sigma notation of geometric series - ar+ar2+ar3+ar4........…

Q: The following equation (A= 6000(1.02) to the exponent 14 represents a loan that is compounded…

Q: A savings account pays a 3% nominal annual interest rate and has a balance of $1,000. Any interest…

A: Given :rate of interest(r)=3% per annum=3100=0.03% Principal amountP=$1000To find:1)…

Q: Making money! What if grandma calculates interest every SECOND!? How much money would Pablito have…

A: The grandma is calculating interest every second then Pablito has 11+13153600031536000(1) money at…

Q: af $11, 000 A = P(1+ 4)" or A = Pe" . is invested at a rate of 3% per year compounded yearly, find…

A: Given above: P=$11000r=3% A=Per·t ..............1 (a). after 10 months: Put t=1012 year and the…

Q: Suppose that at the end of each week for 30 years, $200 is deposited into an account that earns 5.9%…

Q: Suppose you want to have $700,000 for retirement in 25 years. Your account earns 7% interest. How…

Q: a) Rani invests RM X every six months into a fund that pays 12% compounded semi- annually. Find the…

A: Future value of ordinary annuity FV=R1+in-1i Where R is periodic payment, n is total period and i…

Q: person invests in a cd certificate of deposit with $5000. This deposit plan pays 5.5% interest…

A: Given A person invests in a cd certificate of deposit with $5000. This deposit plan pays 5.5%…

Question

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?

1) $ a_1 = 75,000(0.08) $
$ a_n = 75,000 $

2) $ a_1 = 75,000 $
$ a_n = 75,000(0.92)^{n-1} $

3) $ a_1 = 75,000(0.08) $
$ a_n = 75,000(0.08)^{n-1} $

4) $ a_1 = 75,000 $
$ a_n = 0.92(a_{n-1}) $

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Determine the given statement

VIEW

Step 2: Finding the recursive formula

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

To calculate the compound amount, A, of an investment with daily compounding, use the compound interest formula modified as follows: Rate per period (daily) = i/365 (nominal interest rate, i, divided by 365) Number of periods (days), n, = number of days of the investment. A = P (1+i/365)n Calculator Sequence: ( 1 + ( i ÷ 365 ) ) yx n ✕ P=A (Round your answers to the nearest cent.) (A): On April 16, Thomas Ash deposited $2,400 in a passbook savings account at 3.5% interest compounded daily. What is the compound amount (in $) of his account on August 5?
) 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.
nt Use A = P(1+")" to find the balance %3D in a savings account after 8 years if $7,500 is deposited at 6% compounded monthly. First identify all the variables, fill them in, and work it out. Round the result to the nearest cent.
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.