Sketch a rough graph of the market value of a new car as a function of time for a period of 20 years. Assume the car is well maintained.
all right, so we start with a new car and we have its new car price when it zero years old. And then we know that in the first few years, generally the cars depreciate quickly. So we're going to have a pretty quick decline in the value of the car over the 1st 5 years, and then it's going to depreciate again more slowly and then probably not quite as quickly over the rest of the years.