Question

A car was purchased 5 years ago for $20,000. If its value

decreases by 15% each year, what is it worth today?

Answer 1

$19,850

Explanation:

5 years ago - $20,000

100% - $20,000

1% - $20,000 ÷ 100 = $200

15% - $200 × 15 = $30

2022-5=2017

2017 - $20,000

2018 - $20,000 - $30 =$19,970

2019 - $19,970 - $30 =$19,940

2020 - $19,940 - $30 =$19,910

2021 - $19,910 - $30 =$19,880

2022 - $19,880 - $30 =$19,850