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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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.

Mathematics
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1 year has 12 months so whats 6 divide by 12?
1/2

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Other answers:

each month it depreciates by 0.5%
I need one more:)
ok
You decide to put $175 in a savings account to save for a $3,000 down payment on a new car. If the account has an interest rate of 3% per year and is compounded monthly, how long does it take you to earn $3,000 without depositing any additional funds?
Compound interest formula\[A=P(1+\frac{ r }{ 100 })^n\]\[3000=175(1+0.3)^n\]
300=227.5^n
no it doesnt work like this
\[17.14285714=1.03^n\]
16.64^n
?
log 17.14285714 = 1.23408320596 log 5 = 0.69897000433 1.23408320596/0.069897000433
Thats not an answer choice 8.0111 years 96.1332 years 93.2914 years 94.8377 years
plug in all the in answers to the compound interest formula and try out
? What do you mean?
175(1.03)^n replace n with all the 4 options, see which one works
or you take log!
i did
  • phi
interest rate of 3% per year and is compounded monthly, that means you work in months (not years) and the interest rate is 0.03/12 the equation you want to solve is 175(1+ 0.03/12)^n = 3000 175(1.0025)^n = 3000 1.0025^n= 17.142857
dayum i forgot something...the interest is compounded monthly!
1.0025^n=3000/175 n log(1.0025)=log(3000/175) solve for n.
knew something was off
Ok hold on:)
For some reason I got C?? I think I did something wrong
  • phi
when you find n, it will be in months divide by 12 to get years
Was I right?
  • phi
what do you get for log(3000/175) ?
1.23408320603
  • phi
so you have n log(1.0025) = 1.23408320603 divide both sides by log(1.0025) n= 1.23408320603/log(1.0025) what do you get for n
1.2310056918=n
1138.05283703 i mean
  • phi
ok, and that is in months divide by 12 to get years
94.8377...
  • phi
yes
ok so going back to #1 i think sesal gave me the wrong answer??
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.
I got -0.005143% as an swer and she got -0.5% so I dont even know
  • phi
if it has a rate of 6% per year, or in this case -6%, as a decimal is -0.06 on a monthly basis, divide by 12: -0.06/12 = -0.005 in percent: -0.5%
Ok! Thanks :) I was just checking!
Solve 3^(2x)=7^(x-1) I got -7.74293 ??
  • phi
if we put your answer into the equation it works
Thanks:)

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