Jackson purchases a new car for $48,000. The car's value can be modeled by the
following exponential function: y = 48000(0.76)^t where y represents the car's
value and t represents time in years. What is the decay rate expressed as a
percentage? *

We have been given that Jackson purchases a new car for $48,000. The car's value can be modeled by the  following exponential function: where y represents the car's  value and t represents time in years. We are asked to find the decay rate as a percentage.

We know that an exponential decay function is in form , where,

y = Final value,

a = Initial value,

r = Decay rate in decimal form,

x = time.

Upon comparing our given function with standard decay function  , we can see that .

Let us solve for r.

Let us convert 0.24 into percentage.

Therefore, the decay rate is 24%.

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