A car depreciates at a rate of 15% per year. If the initial value of the car is $15,000, what will be its value after 4 years? The value after 4 years is _________. (Round your answer to the nearest integer)
Answer & Analysis
Analysis
Question Analysis
This question tests the student's ability to apply the exponential function model to a real-world scenario involving decay. The key is to identify the initial mass, the decay factor, and the number of years.
Key Concept Explanation
The exponential function () is used to model situations where the quantity decreases by a constant factor over equal intervals of time.
Step-by-step Solution
1. Identify the initial value:
2. Identify the decay factor:
3. Determine the number of years:
4. Substitute into the formula:
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