Hi guys,
last question on growth/decay now!
2 equations for 2 different cars depreciating value:
1)
v=15000e−ktk=0.1552)
w=18000e−0.175tIf both cars sold as new on the 1st Jan '05, I need to calculate the year they depreciated to the same value.
So, in the two equations above, t is the unknown to be determined.
15000e−kt=18000e−0.175te−0.175te−kt=1.2I'm not sure if at this stage I'm going the right way about it....but this is what I did:
e−kt×e(−0.175t)−1=1.2The line above makes me think I have done the wrong thing, because the -t in the second e cancels the first t from the first e.
Could anyone give me a few clues?
Thanks