Manny Brought a brand new car in 2012 for $28750. if the car depreciates by 12% each year, write n exponential function to model the situation, then find the value of the car in 2018
Accepted Solution
A:
The formula for exponential decay is [tex]y=a(1-r)^{x} [/tex]
where a is the initial value (28750) r is the rate of decrease (0.12) x is the time, in this case in years (6 . 2018-2012 = 6 years)