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the car that diana bought is 8 years old. she paid $6,700. this make and model depreciates exponentially at a rate of 14.15% per year. what was the original price of the car when it was new?

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rafikiedu08

The car's initial purchase price when it was brand new is 22711.89 when the vehicle Diana purchased is eight years old. It cost her $6,700.

Given that,

The vehicle Diana purchased is eight years old. It cost her $6,700. The annual rate of depreciation for this brand and model is 14.15 percent.

We have to find what was the car's initial purchase price when it was brand new.

We know that,

The formula is y=A(1-r)ˣ

Here,

y is 6700

r is 0.1415

x is 8

We get,

6700=A(1-0.1415)⁸

6700=A(0.295)

A=22711.89

Therefore, The car's initial purchase price when it was brand new is 22711.89 when the vehicle Diana purchased is eight years old. It cost her $6,700.

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