every year, the cost of solar panels drops by roughly 6%. if solar panels currently cost $5,918 per…

Explanation:

Step1: Identify the formula for exponential decay

The formula for exponential decay is $A = P(1 - r)^t$, where $A$ is the final amount, $P$ is the initial amount, $r$ is the rate of decay, and $t$ is the time in years. Here, $P = 5.918$, $r = 0.06$ (since 6% = 0.06), and $t = 8$.

Step2: Substitute the values into the formula

$A = 5.918(1 - 0.06)^8$ First, calculate $(1 - 0.06) = 0.94$. Then, calculate $0.94^8$. Using a calculator, $0.94^8 \approx 0.60956893$.

Step3: Multiply by the initial amount

$A = 5.918 \times 0.60956893$ $A \approx 5.918 \times 0.60956893 \approx 3.608$.

Step4: Round to the nearest cent

Since we need to round to the nearest cent (two decimal places), $3.608$ rounded to the nearest cent is $3.61$.

Answer:

The per - kilowatt cost in 8 years will be approximately $$3.61$.