Car dealers sometimes use the rule of thumb that a car loses about 30% of its value each year. 1. Suppose you bought a new car in December 2010 for $15,000. 2. Develop a general formula for the value of the car t years after its purchase. HELP

Step-by-step explanation:

Formula to find the price of an item after t years after withe a depreciation rate of r% is , where P = Initial value of item.

Given: P = $15,000, r= 30%

Then, the value of car after t years will be :

The required general formula for the value of the car t years after its purchase:

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step-by-step explanation:

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step-by-step explanation:

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