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If a car's value depreciates by 10% each year, what will be its value after 3 ye
Practice Questions
Q1
If a car's value depreciates by 10% each year, what will be its value after 3 years if its current value is $20,000? (2023)
$14,580
$15,000
$16,000
$18,000
Questions & Step-by-Step Solutions
If a car's value depreciates by 10% each year, what will be its value after 3 years if its current value is $20,000? (2023)
Steps
Concepts
Step 1: Start with the current value of the car, which is $20,000.
Step 2: Calculate the value after 1 year by multiplying $20,000 by 0.9 (which represents a 10% depreciation). This gives you $18,000.
Step 3: Calculate the value after 2 years by multiplying the value after 1 year ($18,000) by 0.9. This gives you $16,200.
Step 4: Calculate the value after 3 years by multiplying the value after 2 years ($16,200) by 0.9. This gives you $14,580.
Depreciation
– Understanding how the value of an asset decreases over time, specifically through a percentage reduction each year.
Exponential Decay
– Applying the concept of exponential decay where the value decreases by a constant percentage annually.
Multiplicative Calculation
– Performing successive multiplicative calculations to determine the final value after multiple periods.
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