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Spicy: 5. A Student Invests $500 For 3 Years In A Savings Account That Earns 4% Interest Per Year. N

Spicy: 5. A student invests $500 for 3 years in a savings account that earns 4% interest per year. No further deposits or withdrawals are made during this time. Which statement does not yield the correct balance in the account at the end of 3 years? 1) 500(1.04) 2) 500(1-04) 3) 500(I +.04X1 +.04)(1 +04) 4) 500+ 500(04)+ 5206.04)+ 540.86.04) 6. The value, v(t), of a car depreciates according to the function v(t) - P(.85), where P is the purchase price of the car and t is the time, in years, since the car was purchased. State the percent that the value of the car decreases by each year. Justify your answer 7. A car was purchased for $25,000. Research shows that the car has an average yearly depreciation rate of 18.5%. a. Create a function that will determine the value, V(t), of the car t years after purchase. b. Determine, to the nearest cent, how much the car will depreciate from year 3 to year 4.