The value of a car y (in thousands of dollars) can be approximated by the model y=24(0.83)t where t is the number of years since the car was new. Identify the percent increase or decrease in the car's value. Estimate when the car's value will be $6500. Select the appropriate percent increase or decrease, and when the car will be worth $6500.

Group of answer choices

17% decrease per year
Car will be worth $6,500 in approximately 10 years
17% increase per year
Car will be worth $6,500 in approximately 8 years
Car will be worth $6,500 in approximately 7 years
10% decrease per year
Car will be worth $6,500 in approximately 4 years
83% increase per year
83% decrease per year