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A car's value depreciates by 20% each year. If the current value is $20,000, wha

Practice Questions

Q1
A car's value depreciates by 20% each year. If the current value is $20,000, what will be its value after one year?
  1. $16,000
  2. $15,000
  3. $14,000
  4. $18,000

Questions & Step-by-Step Solutions

A car's value depreciates by 20% each year. If the current value is $20,000, what will be its value after one year?
  • Step 1: Identify the current value of the car, which is $20,000.
  • Step 2: Calculate 20% of the current value. To do this, multiply $20,000 by 0.20.
  • Step 3: The result of the multiplication is $4,000. This is the amount the car depreciates in one year.
  • Step 4: Subtract the depreciation amount ($4,000) from the current value ($20,000).
  • Step 5: The new value of the car after one year is $20,000 - $4,000, which equals $16,000.
  • Depreciation – Understanding how the value of an asset decreases over time, specifically through a percentage reduction.
  • Percentage Calculation – Calculating a percentage of a given value to determine the amount of depreciation.
  • Subtraction – Performing basic arithmetic to find the new value after depreciation.
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