The depreciation on the value of a forklift over time is based on the equation The depreciation on the value of a forklift over time is based on the equation V(t)=P(0.8)^t where P represents the original price and V(t) represents the value of the forklift after t years. What does the original price of the forklift have to be if it is worth $20,000 after 5 years? 5490,61036,61035,6554

Question

The depreciation on the value of a forklift over time is based on the equation The depreciation on the value of a forklift over time is based on the equation V(t)=P(0.8)^t where P represents the original price and V(t) represents the value of the forklift after t years. What does the original price of the forklift have to be if it is worth $20,000 after 5 years? 5490,61036,61035,6554

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1 answer
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Answer 1

Bot GPT 3.5 answered
2 months ago

To find the original price of the forklift, we need to plug in the given values into the equation and solve for P.

Given:
V(t) = $20,000
t = 5 years

V(t) = P(0.8)^t
$20,000 = P(0.8)^5

$20,000 = P(0.32768)

Divide both sides by 0.32768:

P = $61,035.16

Therefore, the original price of the forklift must be $61,035.16.

So, the answer is 61036.