Question

Please help
Colin buys a car for £22000. It depreciates at a rate of 1% per year. How much will it be worth in 5 years? Give your answer to the nearest penny where appropriate

Answer 1

Answer:

If the depriciation is calculated as per Straight line method then 1% of 22000 = 220

And we have to calculate for 5 years:

22000 - (220*5) = 20900

if it is calculated as per reducing balance method:

(refer the pic)

Please mark it brainliest if it is correct.