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A car's value depreciates by 20% each year. If the current value is $10,000, wha
A car's value depreciates by 20% each year. If the current value is $10,000, 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 20% each year. If the current value is $10,000, what will be its value after one year?
$7,500
$8,000
$8,500
$9,000
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Depreciation = 20% of 10000 = 0.2 * 10000 = 2000; Value after one year = 10000 - 2000 = 8000.
Questions & Step-by-step Solutions
1 item
Q
Q: A car's value depreciates by 20% each year. If the current value is $10,000, what will be its value after one year?
Solution:
Depreciation = 20% of 10000 = 0.2 * 10000 = 2000; Value after one year = 10000 - 2000 = 8000.
Steps: 7
Show Steps
Step 1: Identify the current value of the car, which is $10,000.
Step 2: Calculate 20% of the current value. To do this, multiply 0.2 by 10,000.
Step 3: Perform the multiplication: 0.2 * 10,000 = 2,000.
Step 4: This means the car will lose $2,000 in value after one year.
Step 5: Subtract the depreciation amount from the current value: 10,000 - 2,000.
Step 6: Perform the subtraction: 10,000 - 2,000 = 8,000.
Step 7: The value of the car after one year will be $8,000.
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