You buy a new car and it depreciates 6.2% per year in value. If the value of the car can be modeled by V(t)=45,000⋅bt, what would be the value of b?

b = 0.938

Step-by-step explanation:

Value of the car can be modeled by the function,

V(t) =

Since, formula for the depreciation is modeled by,

V(t) =

Here, V(t) = Final value of the car after t years

V(0) = Initial value of the car

r = rate of depreciation

t = Time (in years)

By comparing both the functions which are similar,

b = 1 - 0.062

b = 0.938