Jack bought a new car in 2014 for $28,000. If the value of the car decreases by 14% each year, write an exponential model for the value of the car. Then, estimate the year the car will have a value of $5,000.
$5,000 = $28,000 x 0.86^t divide both sides by 28,000
0.178571 = 0.86^t take the log of both sides
t = log(0.178571) / log(0.86)
t = 11.42 =~11 1/2 - years when the car will be worth about $5,000.