How much will a car purchased in 2014 for $35,750 be worth in 2022, if it is depreciated at 10.5% each year?
This is an exponential decay problem.
The formula for exponential decay is:
where y = total amount
a = initial amount b = rate of decay {as a decimal} x = time in years The rate of decay, b, is: 1  0.105 {changed 10.5% to a decimal and subtracted from 1} = 0.895 {subtracted}
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