Question

A car valued at $14,000 depreciated 18% per year. After how many years will the value have depreciated to $1000?

Answer 1

Little more than 5 years

Explanation:

Given the following question:

Original value of the car is $14,000
18% depreciated or diminish in value per year.

How many years would it take for the cars value to reach $1000?

To find the answer we must first find 18% of the 14,000 speaking how that's how much the car value diminishes in a year.

18% of 14000:

`(p* n)/(100)`

`(18*14000)/(100) =18*14000=252000/100=2520`

`=2520`

18% of 14000 is 2520, which means each year the cars value depreciates $2520 dollars.


`14000-2520=11480-2520=8960-2520-6440-2520=3920-2520=1400`

`=1400`

Which means it will take a "little more than 5 years" for the cars value to reach $1000.

Hope this helps.