Pre-Calculus problem

Question

A transport company purchased a truck for 586,000. The company depreciated the truck at the end of each year it the rate of 17% of its current value. What is the value of the truck at the end of the sixth year?

Answer 1

A = P(1 - r)ⁿ for annual depreciation. n= no. years; r = depreciation rate in decimal form.

P = $586,000; n = 6, r = 0.17

A = 586000(1 - 0.17)⁶ -> 586000 (0.83)⁶ -> 586000(0.32694) = $191,587.06

Answer 2

V(t) = value in t years = 586,000(1 - 0.17)^t = 586,000(0.83)^t

Value in 6 years = V(6) = 586,000(0.83)⁶

Answer 3