Nigel has bought a tractor for 20 000. He wants to model the depreciation of the value
Question:
Nigel has bought a tractor for £20 000. He wants to model the depreciation of the value of his tractor, £T, in t years. His friend suggests two models:
Model 1: T = 20 000e−0.24t
Model 2: T = 19 000e−0.255t + 1000
a. Use both models to predict the value of the tractor after one year. Compare your results.
b. Use both models to predict the value of the tractor after ten years. Compare your results.
c. Sketch a graph of T against t for both models.
d. Interpret the meaning of the 1000 in model 2, and suggest why this might make model 2 more realistic.
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Step by Step Answer:
a To predict the value of the tractor after one year using Model 1 we substitute t 1 into the equati...View the full answer
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