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The value of a car depreciates by 24% per year. Work out the current value of a car brought 3 years ago for ?20000.
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The value of a car depreciates by 24% per year. Work out the current value of a car brought 3 years ago for ?20000.

User Trenccan
by
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1 Answer

3 votes

Answer:

$8779.52

Explanation:

24% = 0.24.

Each year the value of the car = 1 - 0.24 = 0.76 of the previous year.

Value after 3 years = 20,000 * (0.76)^3

= $8779.52

User Nagoh
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