NEED EXTREME HELP! A rule of thumb used by car dealers is that the trade in value of a car decreases by 20% of its value each year. suppose the initial value of your car is $23,500. write an equation expressing the trade in value of your car as a function of the number of years from now. if your car is really 2.7 years old now, what was its trade in value when it was new?
*Is the answer $42,926.44?
V = Vo - Vo*r*t = $23,500.
Vo - Vo*0.2*2.7 = 23500
Vo - 0.54Vo = 23500
0.46Vo = 23500
Vo = $51086.96 = Trade-in value when new.
To find the trade-in value of a car as a function of the number of years from now, we can use the given rule of thumb that the trade-in value decreases by 20% each year.
Let's denote the trade-in value of the car as V and the number of years from now as t.
According to the rule of thumb, the trade-in value decreases by 20% each year, so after one year, the trade-in value will be 80% of its initial value. Therefore, after t years, the trade-in value will be:
V(t) = (0.8)^t * initial value
Now let's substitute the given values into the equation. The initial value of the car is $23,500, and it is currently 2.7 years old. So we have:
V(2.7) = (0.8)^(2.7) * $23,500
To find the value using a calculator, we can evaluate (0.8)^(2.7) and then multiply it by $23,500.
After performing the calculation, the trade-in value of the car when it was new is approximately $15,835.99, not $42,926.44 as mentioned in your response.