Answer:
[tex]\$14,187.27[/tex]
Step-by-step explanation:
we know that
In this problem we have a exponential decay function of the form
[tex]y=a(1-r)^x[/tex]
where
y ----> is the value of the boat in dollars
x ---> is the number of years
r ---> is the percent rate of change
a ---> is the initial value or y-intercept
we have
[tex]a=\$19,300\\r=5\%=5/100=0.05[/tex]
substitute
[tex]y=19,300(1-0.05)^x[/tex]
[tex]y=19,300(0.95)^x[/tex]
For x=6 years
substitute the value of x in the exponential function
[tex]y=19,300(0.95)^6\\y=\$14,187.27[/tex]
