Asailboat depreciates at 15% of its original value each year. if the sailboat was $9,500 at its time of purchase, what is the value of the sailboat after 7 years?

$ 3045.48

Step-by-step explanation:

The exponential decay equation with rate of growth r in time period t is given by :-

, where A is the initial amount

Given : The rate of decay of population every year : 15% =0.15

The initial value = $9500

Then , the exponential growth equation in time period t is given by :-

After t= 7 years

The value of the sailboat will be :-

Hence, the value of the sailboat after 7 years= $3045.48.

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