Statistics Solutions

[See Solution] The value of a car is falling 10 percent per year so that if C 0 is the purchase price of car in dollars, its value after t years is given

Question: The value of a car is falling 10 percent per year so that if C 0 is the purchase price of car in dollars, its value after t years is given by V(t) = C 0 (0.9) t . At what rate is its value falling when it is driven out of the showroom? How fast is the car depreciation after year 1?

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