# Suppose you purchase an iphoneX for $720 when it initially launched. The resale value decreases 3.08% each month since launch. Write an exponential function that models this situation, where t is the number of months after launch. Call it P(t). (round to the nearest thousandth.) CoormaBak9 2021-02-08 Answered Suppose you purchase an iphoneX for$720 when it initially launched. The resale value decreases 3.08% each month since launch. Write an exponential function that models this situation, where t is the number of months after launch. Call it P(t). (round to the nearest thousandth.)
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Aubree Mcintyre

Given,
Suppose you purchase an iPhone X for \$720 when it initially launched. The resale value decreases $3.08\mathrm{%}$ each month since launch.
So, the price of the iphoneX after 1 month $=\left(\left(100-3.02\right)/100\right)\cdot 720$
$=0.9692\cdot 720$
Again,the price of the iphoneX after 2 months $=\left(\left(100-3.08\right)/100\right)\cdot 0.9692\cdot 720$
$={0.9692}^{2}\cdot 720$
Therefore, the price of the iphone X after t month $={0.9692}^{t}\ast 720$
$={0.97}^{t}\cdot 720$
$p\left(t\right)={0.97}^{t}\cdot 720$