A motorcycle cost $12,000 when it was purchased. The value of a motorcycle decreases by 6% each year. Find the rate of decay each month and select the correct answer below.
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Wheres the answer choices
I know you can use this formula A(T)=P+(1+r)^r/t or something like that lol
I'm sorry, I'm not good with financial mathematics
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:( Aw! It's fine:)
Do you know anyone that can help?
It depends on the definition of terms.
If it depreciates 6% a year, most people will say that it depreciates 6/12=0.5% a month.
However, it is not true, because 0.5% a month will end up with (1.005)^12=6.1678%.
To get the real monthly depreciation, we need to solve the equation
Take logs on both sides, and solve for i, we get
(I usually write log instead of ln. I write log10 when it's to the base 10).
(1.004867550565343)^12=1.0600000 so ok.