Answer: [tex]f(x) =15540(0.95)^x[/tex]
Step-by-step explanation:
Given , Micheal bought a car for $15,540.
Rate of depreciation = 5% = 0.05 { To convert a percentage into decimal or fraction , we divide it by 100]
The exponential function used to show depreciation in amount or value ina time period of 'x' is given by :-
[tex]f(x)=A(1-r)^x[/tex]
, where A = Initial value
r= rate of depreciation.
As per given , we have
A= $15,540
r= 0.05
Then , Required function : [tex]f(x)=15540(1-0.05)^x=15540(0.95)^x[/tex]
