A new car worth $30,000$30,000 loses 22%22% of its value every year. What does the graph of the value of this car look like?
Question
A new car worth 30,000 loses 22%22% of its value every year. What does the graph of the value of this car look like?
Solution
The graph of the value of this car over time would be a downward sloping curve. Here's how you can visualize it:
- On the x-axis, you would have time (in years), starting from 0.
- On the y-axis, you would have the value of the car, starting from $30,000.
At year 0, the value of the car is 30,000).
Every year, the car loses 22% of its value. So, for example, after 1 year, the car would be worth 78% of its original value, or 23,400).
As you continue this process for each subsequent year, you would see that the points form a curve that slopes downward, representing the decreasing value of the car over time. This is because the car is losing a percentage of its value each year, not a fixed amount, so the amount it loses each year gets smaller and smaller.
This type of graph is known as an exponential decay graph.
Similar Questions
A car is purchased for $31,000. Each year it loses 25% of its value. After how many years will the car be worth $6400 or less?
A car's value depreciates by 20% each year. If the current value of the car is $15,000, what will be its value after one year?
A car is purchased for US$24.000. After each year, the resale value decreases by 20%. What will the resale value be after 4 years?
A new car is purchased for 22300 dollars. The value of the car depreciates at 10.25% per year. What will the value of the car be, to the nearest cent, after 6 years?
A car enthusiast learns that a particular model of car, which costs $43,330 new, loses 17% of its value every year. How much will the car be worth in 9 years?If necessary, round your answer to the nearest cent.
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.