Problemas
2. A brand new 2024 Toyota Tundra starts at a MSRP of 71,537.00 Toyota have an average annual depreciation rate of 2.0465% What is the value of the truck at the end of a six year loan? Round to the nearest penny.
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Respuesta
To calculate the value of the 2024 Toyota Tundra at the end of a six-year loan, we need to use the formula for exponential decay:
Where:-
is the final value-
is the initial value (MSRP)-
is the annual depreciation rate (as a decimal)-
is the number of yearsGiven:-
-
Now, plug these values into the formula:
First, calculate
:
Next, raise this to the power of 6:
Finally, multiply by the initial value:
So, the value of the truck at the end of a six-year loan is approximately \$65,073.57.