A new car is purchased for $28,000 and over time its value depreciates by one half every 4.5 years. Write a function showing the

Question

A new car is purchased for $28,000 and over time its value depreciates by one half every 4.5 years. Write a function showing the value of the car after t years, where the annual decay rate can be found from a constant in the function. Round all coefficients in the function to four decimal places. Also, determine the percentage rate of decay per year, to the nearest hundredth of a percent.

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