The value V(t) of a $42,000 car after t years that depreciates at 15% per year is given by the formula V(t) = V0(b)t. What is the value of V0 and b, and what is the car's value after 5 years (rounded to the nearest cent)? Hint: Use the equation b = 1 − r to determine depreciation. (4 points) V0 = $42,000, b = 0.85, and the value after 5 years is $35,700.00
V0 = $42,000, b = 0.15, and the value after 5 years is $3.19
V0 = $42,000, b = 0.85, and the value after 5 years is $18,635.62
V0 = $42,000, b = 1.15, and the value after 5 years is $84,477.00