I'm currently working on a problem regarding depreciation of car value.
Question goes as so:
A 2004 Mercedes costs $50,000 and the car depreciates a total of 37% in the first 5 years. Find the formula for the exponential equation and linear equation.
I know I need to use
y = ab^x but I'm wondering how I find the correct percent of depreciation (1-.37)^5 doesn't seem to be correct as it depreciates 37 percent over 5 years. Do I just divide 37 by 5, or is it different.