The approximate van will be worth 7 years,
B(7) = 11,271.71
Approximate value
The value of a company van is $15,000 and decreased at a rate of 4% each year. Approximate how much the van will be worth in 7 years.
Each year, the van is worth
100% - 4% = 96%, or 0.96.
We have the Book value equation:
[tex]B(t) = 15000(0.96)^t[/tex]
where t is the time in years from now.
The problem asks for B(7):
[tex]B(7) = 15000(0.96)^7[/tex]
B(7) = 15000(0.7514474781)
B(7) = 11,271.71
The approximate van will be worth 7 years,
B(7) = 11,271.71
So by plugging in 7 years for x you should get the answer = $11271.71 at the van value after 7 years.
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