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A car's value depreciates by 15% each year. If the current value is $20,000, wha
A car's value depreciates by 15% each year. If the 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 the current value is $20,000, what will be its value after one year?
$17,000
$18,000
$19,000
$16,500
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Depreciation = 15% of 20000 = 3000; Value after one year = 20000 - 3000 = 17000.
Questions & Step-by-step Solutions
1 item
Q
Q: A car's value depreciates by 15% each year. If the current value is $20,000, what will be its value after one year?
Solution:
Depreciation = 15% of 20000 = 3000; Value after one year = 20000 - 3000 = 17000.
Steps: 5
Show Steps
Step 1: Identify the current value of the car, which is $20,000.
Step 2: Calculate 15% of the current value. To do this, multiply $20,000 by 0.15.
Step 3: Perform the multiplication: $20,000 * 0.15 = $3,000. This is the amount the car depreciates.
Step 4: Subtract the depreciation amount from the current value. So, $20,000 - $3,000 = $17,000.
Step 5: The value of the car after one year is $17,000.
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