# Example 4

- Author:
- Walch Education

Depreciation on an automobile can be determined by the formula

*V*=*C*(1 −*r*)*, where:*^{t}*V*= the value of the car after*t*years*C*= the original cost*r*= the rate of depreciation*t*= time in years If a car’s cost, when new, is $15,000, the rate of depreciation is 30%, and the value of the car now is $3,000, how old is the car? Round to the nearest tenth of a year.This applet is provided by Walch Education as supplemental material for their mathematics programs. Visit www.walch.com for more information.