11. Antoinette paid $21,075 for a Toyota Camry. After three years it was worth $11981. Assume that the price is decreasing according to the continuous exponential decay model P= Pe". a) Find the annual depreciation rate to the nearest tenth of percent and write the exponential decay equation. b) Find the value of the car after 8 years to the nearest hundred dollars.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
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Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
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11. Antoinette paid $21,075 for a Toyota Camry. After three years it was worth $11981. Assume that the price
is decreasing according to the continuous exponential decay model P= Pe".
a) Find the annual depreciation rate to the nearest tenth of percent and write the exponential decay
equation.
b) Find the value of the car after 8 years to the nearest hundred dollars.
Transcribed Image Text:11. Antoinette paid $21,075 for a Toyota Camry. After three years it was worth $11981. Assume that the price is decreasing according to the continuous exponential decay model P= Pe". a) Find the annual depreciation rate to the nearest tenth of percent and write the exponential decay equation. b) Find the value of the car after 8 years to the nearest hundred dollars.
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