Question

Amir buys a car for £15095 which depreciates in value at a rate of 2.75% per year

Work out how much Amir's car will be worth in 4 years.

Answer 1

Answer: £13,741.69 will be the value in 4 years

Explanation:

formula: present value * (1-depreciation rate)^years

15095*(1-0.0275)^4

=13,741.69