Question

l 4. A new car, valued at $28,000, depreciates at 9% per year. What is the value of the car one year after purchase?

Answer 1

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Answer 2

Given : A new car, valued at $28,000, depreciates at 9% per year

To Find : value of the car one year after purchase

Solution:

Initial Value  P = $ 28000

Rate of depreciation = 9 %

Time = 1 year

Amount = A

Amount after n year =  P(1 - r/100)ⁿ

Amount after 1 year  = 28000(1 -9/100)¹

= 280 * 91

=  25480

value of the car one year after purchase  = $25480

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