Acar purchased for $34,000 is expected to lose value, or depreciate, at a rate of 6% per year. using x for years and y for the value of the car, write the equation that models this situation. after how many years is the car first worth less than $21,500?

After 7.40 years it will be worth less than 21500

Step-by-step explanation:

This problem is solved using a compound interest function.

This function has the following formula:

Where:

P is the initial price = $ 34,000

n is the depreciation rate = 0.06

t is the elapsed time

The equation that models this situation is:

Now we want to know after how many years the car is worth less than $ 21500.

Then we do y = $ 21,500. and we clear t.

After 7.40 years it will be worth less than 21500

45

step-by-step explanation: