Question

A car's value decreases by x% a year. After 5 years the car is worth 59% of its initial value. Find the value of x

Answer 1

The value of x is 8.2%

Explanation:

Here, we want to find the value of x

From the question, the car is with 59% of its initial value

What this mean is that within the space of that 5 years, the amount of value it has lost will be 100% - 59% = 41%

What this mean is that it has lost 41% in 5 years

The amount it loses per year of the 5 years will be;

41%/5 = 8.2%