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A car's value depreciates by 15% each year. If its current value is $20,000, wha
A car's value depreciates by 15% each year. If its current value is $20,000, what will be its value after one year?
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Practice Questions
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Q1
A car's value depreciates by 15% each year. If its current value is $20,000, what will be its value after one year?
$15,000
$16,500
$17,000
$18,000
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Value after one year = 20000 - (0.15 * 20000) = 20000 - 3000 = 17000
Questions & Step-by-step Solutions
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Q
Q: A car's value depreciates by 15% each year. If its current value is $20,000, what will be its value after one year?
Solution:
Value after one year = 20000 - (0.15 * 20000) = 20000 - 3000 = 17000
Steps: 7
Show Steps
Step 1: Identify the current value of the car, which is $20,000.
Step 2: Determine the depreciation rate, which is 15%.
Step 3: Calculate the amount of depreciation by multiplying the current value by the depreciation rate: 0.15 * 20000.
Step 4: Perform the multiplication: 0.15 * 20000 = 3000.
Step 5: Subtract the depreciation amount from the current value: 20000 - 3000.
Step 6: Perform the subtraction: 20000 - 3000 = 17000.
Step 7: The value of the car after one year is $17,000.
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