Question
The depreciation on the value of a forklift over time is based on the equation V(t)=p(0.8)^twhere P represents the original price and V(t) represents the value of the forklift after t years. What does the original price of the forklift have to be if it is worth $20,000 after 5 years?
61036
61035
5490
6554
61036
61035
5490
6554
Answers
GPT 3.5
To find the original price of the forklift, we need to plug in the given values into the equation V(t) = P(0.8)^t and solve for P.
Given:
V(5) = $20,000
t = 5 years
V(5) = P(0.8)^5
$20,000 = P(0.8)^5
Divide both sides by (0.8)^5:
$20,000 / (0.8)^5 = P
$20,000 / 0.32768 = P
$61,036 = P
Therefore, the original price of the forklift must be $61,036.
The correct answer is 61036.
Given:
V(5) = $20,000
t = 5 years
V(5) = P(0.8)^5
$20,000 = P(0.8)^5
Divide both sides by (0.8)^5:
$20,000 / (0.8)^5 = P
$20,000 / 0.32768 = P
$61,036 = P
Therefore, the original price of the forklift must be $61,036.
The correct answer is 61036.