Question

A year ago l bought a new car. It depreciates at 22% per year. My car is presently worth £7176. Work out the value of my car when I bought it.

Answer 1

Answer: 8, 754.72

Explanation:

Take the present value of the car, then add 22%. The car had only been owned for a year, so the value only depreciated 22%.

Hope this helps! :)