The value of a car after it is purchased depreciates according to the formula V(n) = 28 000(0.875)" where V(n) is the car's value in the nth year since it was purchased. a) What is the purchase price of the car? Explain and calculate. b) What is the annual rate of depreciation? c) What is the car's value at the end of 3 years? d) What is its value at the end of 30 months? e) How much value does the car lose in its first year? f) How much value does it lose in its fifth year? g) When will the car be worth less than a thousand dollars? h) When will the car be worth zero dollars?
The value of a car after it is purchased depreciates according to the formula V(n) = 28 000(0.875)" where V(n) is the car's value in the nth year since it was purchased. a) What is the purchase price of the car? Explain and calculate. b) What is the annual rate of depreciation? c) What is the car's value at the end of 3 years? d) What is its value at the end of 30 months? e) How much value does the car lose in its first year? f) How much value does it lose in its fifth year? g) When will the car be worth less than a thousand dollars? h) When will the car be worth zero dollars?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:The value of a car after it is purchased depreciates according to the formula
V(n) = 28 000(0.875)"
where V(n) is the car's value in the nth year since it was purchased.
a) What is the purchase price of the car? Explain and calculate.
b) What is the annual rate of depreciation?
c) What is the car's value at the end of 3 years?
d) What is its value at the end of 30 months?
e) How much value does the car lose in its first year?
f) How much value does it lose in its fifth year?
g) When will the car be worth less than a thousand dollars?
h) When will the car be worth zero dollars?
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