The time of depreciation is 3.3 year
From the question, we have the following parameters:
Initial value = $27,300
Final value = $22,100
Rate of depreciation = 6.1% per year
These parameters can be represented using the following exponential equation
A(n) = A *(1 - r)ⁿ
Where
n = number of years
A = Initial value = 27300
A(n) = Final value = 22100
r = rate of decay = 6.1%
Substitute the known values in the above equation, so, we have the following representation
27300*(1 - 6.1%)ⁿ = 22100
Divide
(1 - 6.1%)ⁿ = 0.81
0.939ⁿ = 0.81
Take the logarithm
n = log(0.81)/log(0.939)
Evaluate
n = 3.3
Hence, the number of years is 3.3 year
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