Depreciation of an asset is an example of a real-world problem that functions can help solve. Consider this example, your new car depreciates in value every year you own it. Its cost is $30,000 new, and it depreciates at 15% per year. Functions will help you determine how much it is worth after five years:
- N = number of years.
- Using this function: V = $30,000 (.855).
- After 5 years, the depreciated value of the car would be $13,311.16.
Respond to the following:
- Describe an example of a real-world situation that you could use functions to help solve practical problems, such as investments, retirement savings, paying off a student loan, or appreciation of assets. Calculate specific numbers for your situation. For example, if you selected retirement savings or paying off a student loan, consider your age, income, ability to save, income, interest rates, and so on.