For tax purposes, you may have to report the value of your assets, such as cars or refrigerators. The value you report drops with time. "Straight-line depreciation" assumes that the value is a linear function of time. If a $1020 refrigerator depreciates completely in seven years, find a formula for its value as a function of time. (Let x represent the time in years and y be in terms of dollars.)
I thought it'd be y= -1020/7 +1020 but I was told that I was wrong. Please help me figure this question out!
I posted this question yesterday and I was told I was correct but for some reason the online hw website will not take it.
Thank you so much! That worked!
To find a formula for the value of the refrigerator as a function of time using straight-line depreciation, we need to determine the rate at which it depreciates each year.
Straight-line depreciation assumes that the value decreases at a constant rate over time. In this case, the refrigerator depreciates completely in seven years, so the depreciation per year would be the total depreciation divided by the number of years, which is 1020/7 dollars per year.
To find the formula for its value as a function of time, we can start with the initial value of $1020 and subtract the depreciation for each year. Let's call the value of the refrigerator at a given time "y" and the time in years "x".
The formula would be:
y = 1020 - (1020/7)*x
Therefore, the correct formula for the value of the refrigerator as a function of time would be:
y = 1020 - (1020/7)*x
If you entered it the way you typed it above, I noticed you left out the variable for time
it should be y = -1020/7 x + 1020
or try : y = (-1020/7)x + 1020
checking,
for now, x = 0, x = 0 + 1020 = 1020, checks!
for 7 years from now,
x = 7
y = (-1020/7)(7) + 1020 = 0 , checks!