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A car's value depreciates by 15% each year. If the current value is $20,000, wha

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Question: A car\'s value depreciates by 15% each year. If the current value is $20,000, what will be its value after one year?

Options:

  1. $17,000
  2. $18,000
  3. $19,000
  4. $16,500

Correct Answer: $17,000

Solution: 

Depreciation = 15% of 20000 = 3000; Value after one year = 20000 - 3000 = 17000.

A car's value depreciates by 15% each year. If the current value is $20,000, wha

Practice Questions

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?
  1. $17,000
  2. $18,000
  3. $19,000
  4. $16,500

Questions & Step-by-Step Solutions

A car's value depreciates by 15% each year. If the current value is $20,000, what will be its value after one year?
Correct Answer: $17,000
  • 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.
  • Depreciation Calculation – Understanding how to calculate the depreciation of an asset based on a percentage of its current value.
  • Percentage Reduction – Applying percentage reduction to find the new value after depreciation.
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