A new car is purchased for $25,000 $25,000 and over time its value depreciates by one half every 5 years. How long, to the nearest tenth of a year, would it take for the value of the car to be $5,000 $5,000?

Step-by-step explanation:

A new car is purchased for $25,000 over time its value depreciates by one half every 5 years. How long, to the nearest tenth of a year, would it take for the value of the car to be $5,000?

The formula now given as:

F = P(1 - r) ^t

F = Future value = $5000

P = Present value = $25000

r = Depreciation rate = 1/2 every 5 years

Hence:

5000 = 25000( 1 - ) ^t

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step-by-step explanation: