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"If a boat costs $40,000 find the number of years until the boat is worth $18,000.  [Round the answer to the nearest tenth of a year.] A new boat will decrease in value at a rate of 8% per year according to this formula V=C(1-r)^t  where V is the value of the boat after t years, C is the original cost, and r is the rate of depreciation. If a boat costs $40,000 find the number of years until the boat is worth $18,000.  [Round the answer to the nearest tenth of a year.]" eNotes Editorial, 10 Feb. 2011, https://www.enotes.com/homework-help/boat-costs-40-000-find-number-years-until-boat-243441. Accessed 7 June 2023.