Question

Last year, Ken bought a mountain bike for $460. His bike has depreciated since he bought it. It is now worth $320. What percent did the value of Ken’s bike depreciate over the past year, to the nearest whole percent?

A.
30%

B.
44%

C.
70%

D.
140%

Answer 1

A. 30%

Explanation:

We have been given that last year, Ken bought a mountain bike for $460. His bike has depreciated since he bought it. It is now worth $320.

We will use percent change formula to solve our given problem.

`\text{Percent change}=\frac{\text{Final value}-\text{Initial value}}{\text{Initial value}}* 100`

`\text{Percent change}=(320-460)/(460)* 100`

`\text{Percent change}=(-140)/(460)* 100`

`\text{Percent change}=-0.304347826* 100`

`\text{Percent change}=-0.30.4347826\%`

`\text{Percent change}\approx -0.30\%`

Since the percent change in negative, so it represents depreciation.

Therefore, Ken's bike depreciate approximately 30% over the past year.