8
QuizMultiple Choice

Exponential Equations in Financial Contexts — Quiz

Question 8 • Financial Math

A commercial truck has a purchase price of $⁢56,902 and a depreciation rate of approximately 2% per month. Given the equation 32,978.55=56,902⁢(0.98)^12⁢x , use a graphing calculator to determine how many years it will take the truck to reach a value of $⁢32,978.55 Round to the nearest tenth if necessary.

Answer
A
2 point 2 5 years
B
23 years
C
22 point 5 years
D
0 point 2 3 years
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A commercial truck has a purchase price of…