A 2022 Toyota 4Runner costs $52,420. Assume the car depreciates a total of 24%during its...
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A 2022 Toyota 4Runner costs $52,420. Assume the car depreciates a total of 24%during its first 5 years.(A) What is the value of the car after 5 years?(B) Suppose the depreciation is exponential. Write a formula for the value of the car when it is t years old.(C) Suppose the depreciation is linear. Write a formula for the value of the car when it is t years old.(D) If you were buying this car today and planning to trade it in after 3 years, which depreciation model would you prefer and why?
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