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Status: Waiting for your answers.

Problem:   A boat will depreciate in value at a 2.9% annual rate. Currently, it is worth $7000. When will its value be $2170?   Calculate the time (to the nearest tenth in years) by using this formula. A = a(1 + r)t   Solution:   = ( 1 - )t   = ( )t   = ( )t   log   =   t       ≈   t