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11. A new car was purchased in 2003. Different car dealers were asked to give estimates of the resale value of this car in various
11. A new car was purchased in 2003. Different car dealers were asked to give estimates of the resale value of this car in various future years. The table shows their estimates. Year 2006 2010 2009 2015 2006 2020 2005 2015 2022 2012 2007 Resale 4800 6300 Value ($ 13935 7868 7372 2943 14678 17158 3897 3908 10337 T4 a) Find the equation of a "best-fit" model, 18000 ("think* previous knowledge) 16000 14000 12000 (0000 8000 Good 4000 2000 2 3 4 5 6 7 8 10 11 12 TC2 b) State why the model you chose is a better fit for this situation than the other two mathematical models studied in this unit. c) Using your equation, predict the value of the car when it was new. d) Using your model, predict the age of the car when it will be worth $1000. e) Briefly explain a trend you see happening with the data in this graph and offer a theory as to why this might be happening
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