Lynch Luna
08/20/2024 · Senior High School
The price \( p \), in dollars, of a specific car that is \( x \) years old is modeled by \( p(x)=22,265(0.88)^{x} \) (a) How much should a 5 -year-old car cost? (b) How much should a 8 -year-old car cost? (c) Explain the meaning of the base 0.88 in this problem.
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(a) A 5-year-old car should cost approximately $11,749.36.
(b) An 8-year-old car should cost approximately $8,164.36.
(c) The base 0.88 represents the car's annual depreciation rate of 12%.
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