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A new car is purchased for 22400 dollars. The value of the car depreciates at 11% per year. To the nearest tenth of a year, how long will it be until the value of the car is 5000 dollars?

 Apr 9, 2020
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100%  -  11% = 89% of the value of the car retained after 1 year

 

5,000 =22,400 x 0.89^n

0.89^n =5,000 / 22,400

n = log(5,000/22,400) / log(0.89)

n = 12.87 years = ~12.9 years.

 Apr 9, 2020

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