after it has been harvested, corn stored at a particular temperature will lose market value at a rate of 7%…

after it has been harvested, corn stored at a particular temperature will lose market value at a rate of 7% per day. if a corn harvest worth $92,389 is being stored at that temperature, what will its market value be in 5 days? if necessary, round your answer to the nearest cent.

after it has been harvested, corn stored at a particular temperature will lose market value at a rate of 7% per day. if a corn harvest worth $92,389 is being stored at that temperature, what will its market value be in 5 days? if necessary, round your answer to the nearest cent.

Answer

Explanation:

Step1: Identify the decay - formula

The formula for exponential decay is $A = P(1 - r)^t$, where $P$ is the initial amount, $r$ is the rate of decay, and $t$ is the time. Here, $P=$92389$, $r = 0.07$, and $t = 5$.

Step2: Substitute the values into the formula

$A=92389\times(1 - 0.07)^5$. First, calculate $1-0.07 = 0.93$. Then, find $(0.93)^5=0.93\times0.93\times0.93\times0.93\times0.93\approx0.695688$.

Step3: Calculate the final value

$A = 92389\times0.695688\approx64214.54$.

Answer:

$$64214.54$