Question

The value of a car depreciates by 18% per year. Work out the current value of a car bought 4 years ago for £20000.

Answer 1

9042.4352 = 9042.44 (rounded off to the nearest pence)

Explanation:

formulae P( 1 - R/100)^yrs thus

20000( 1 - 18/100)^4