Problem

A car is purchased for $\$ 30,000$. Each year it loses $25 \%$ of its value. After how many years will the car be worth $\$ 9200$ or less? (Use the calcul necessary.) Write the smallest possible whole number answer. $\square$ years \[ \times \quad 5 \]

Solution

Step 1 :The problem is asking for the number of years it will take for the car's value to depreciate to $9200 or less. The car's value depreciates by 25% each year. This is a problem of exponential decay.

Step 2 :We can set up the equation as follows: \(30000 \times (0.75)^n \leq 9200\), where n is the number of years. We can solve this equation for n.

Step 3 :By solving the equation, we find that n equals 5.

Step 4 :Final Answer: The smallest possible whole number of years it will take for the car's value to depreciate to $9200 or less is \(\boxed{5}\) years.

From Solvely APP
Source: https://solvelyapp.com/problems/NKSOZSL1f0/

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