Question

question id: 174902
the value of a home is $450,000. the home’s value is decreasing at a rate of 6.2% per year. create a function y, that can be used to find the home’s value after x number of years.
enter the correct answer in the box. do not include spaces or commas in your answer.
( y = )

Explanation:

Step1: Identify decay formula structure

This is exponential decay, use $y = P(1-r)^x$, where $P$ is initial value, $r$ is decay rate.

Step2: Plug in given values

Initial value $P=450000$, decay rate $r=0.002$. Calculate $1-r$: $1-0.002=0.998$.
Substitute into formula: $y = 450000(0.998)^x$

Answer:

$y=450000(0.998)^x$