A new house worth £80,000 in January 2012 decreased in value by 7% per year. What is the percentage decrease in value over 2 years? Give your answer to one decimal place.
Answers
Answer:
Given:
A house worth £80,000 in January 2012 is set to decrease in value by 7% per year.
To find:
What will the value of the house be in January 2015?
Solution:
To solve the above problem we will use the following formula of depreciation:
where
A = price after n years
P = current price
R = rate of decrease
n = no. of years
In 2012, the price of the house, P = £ 80,000
The rate of decrease in the value of the house per year, R = 7%
No. of years, n = 2015 - 2012 = 3 years
Now, on substituting the given values in the formula above, we get
Thus, the value of the house in January 2015 will be → £ 64344.
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