Using an exponential function, the value of the car after 3 years is $14,310.9
Exponential equation
The standard exponential equation is expressed as:
y = a(1-r)^t
r is the rate
t is the time
a is the initial value
Given the following
r = 12% = 0.12
t = 3 years
a = $21000
Substitute
y = 21000(1 -0.12)^3
y = 21000(0.88)^3
y = $14,310.9
Hence using an exponential function, the value of the car after 3 years is $14,310.9
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