the price p, in dollars, of a specific ca that is x year old is modeled by the function p(x)=22,255(0.91)^x(a)how much should a 2-year old car cost?(b)how much should a 7 year old car cost?(c)explain the meaning of the base 0.91 in this problem.
Accepted Solution
A:
Answer:Step-by-step explanation:Answer:Step-by-step explanation:The price p, in dollars, of a specific car that is x year old is modeled by the function p(x)=22,255(0.91)^xa) to determine the cost of a 2 year old car, we will substitute 2 for x in the given function. Thereforep(2)=22,255(0.91)^2 p(2)=22,255 × 0.8281 = $18673.655Approximately $18674b) to determine the cost of a 7 year old car, we will substitute 7 for x in the given function. Thereforep(7)=22,255(0.91)^7 p(2)=22,255 × 0.51676101936 = 11500.51648579693Approximately $11501c) 0.91 indicates exponential decay rate. It is a fixed percentage by which the value of the car decreases every year. It is determined by (1 - rate of decay)