A commercial truck has a purchase price of $⁢56,902 and a depreciation rate of approximately 2% per month. Given the equation 32,978.55=56,902⁢(0.98)^12⁢x , use a graphing calculator to determine how many years it will take the truck to reach a value of $⁢32,978.55 Round to the nearest tenth if necessary.

Set the truck’s value equal to $32,978.55 and solve 32,978.55 = 56,902(0.98)^(12x), where x is years and 12x is the number of months. Dividing by 56,902 and taking logarithms gives x = ln(32,978.55/56,902) ÷ [12 ln(0.98)] ≈ 2.25 years. Therefore, the answer is A, 2.25 years.

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