Question

The value of a sculpture depreciates by 20% each year. Today it is worth £650. How much was it worth 3 years ago? Give your newer to the nearest penny.​

Answer 1

The initial value of the sculpture 3 years ago was £812.50.

Step-by-step explanation:

To find the initial value of the sculpture, we need to think about the depreciation process. If the sculpture depreciates by 20% each year, then its value after one year will be 80% of its original value. So if we let x represent the initial value, we can write the equation: x - (20% of x) = £650. Solving this equation, we find that the initial value of the sculpture is £812.50.

1. Given that the sculpture depreciates by 20% each year, its value after one year will be 80% of its original value.
2. Letting x represent the initial value, we can write the equation: x - (20% of x) = £650.
3. Solving this equation, we find that the initial value of the sculpture is £812.50.