The approximate original price of the car is $23032
How to determine the original price?
The given parameters are:
Rate, r = 8%
Price at 4 years old = 16,500
An exponential function is represented as:
y = a(1 - r)^x
Where a represents the initial value
This gives
y = a(1 - 8%)^x
Evaluate
y = a(0.92)^x
At 4 years old, we have:
16500 = a(0.92)^4
Divide both sides by (0.92)^4
a = 23032
Hence, the approximate original price of the car is $23032
Read more about exponential function at:
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