Every year after a new car is purchased, it loses 1/3 of its value. Let’s say that a new car costs $18,000, What is an equation relating the value of the car in dollars, v, to the number of years, t?

Question

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Answer 1

retains 2/3 of its previous value

after first year:

18000 * 2/3

after second year

18000 * 2/3 * 2/3 = 18000 * (2/3)^2

after t years

v = 18000 * (2/3)^t