Can someone please tell me if I did this problem right?
A new truck that sells for $29,000 depreciates 12% each year. Write a function that models the value of the truck. Find the value of the truck after 7 years.
my answer=p(x)=price of truck ($)
p(x)=29000(.88)^x
value of truck after 7 yrs=$11851.59
Thanks!
correct.
Thanks much!
To determine if the solution is correct, we can follow the steps you provided.
You correctly defined the function p(x) as the value of the truck after x years using the equation:
p(x) = 29000 * (0.88)^x
To find the value of the truck after 7 years, we can substitute x = 7 into the equation:
p(7) = 29000 * (0.88)^7
Calculating the expression:
p(7) ≈ 29000 * 0.3855437
p(7) ≈ 11198.37
After rounding to two decimal places, we get $11,198.37, which is not the same as your answer of $11,851.59.
Therefore, it seems that your answer is incorrect. The correct value of the truck after 7 years is approximately $11,198.37.
If you have any further questions or need help understanding any part of the explanation, please let me know.