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A car's value depreciates by 15% each year. If its current value is $8500, what

Practice Questions

Q1
A car's value depreciates by 15% each year. If its current value is $8500, what will be its value after one year?
  1. $7225
  2. $7500
  3. $8000
  4. $8500

Questions & Step-by-Step Solutions

A car's value depreciates by 15% each year. If its current value is $8500, what will be its value after one year?
Correct Answer: 7225
  • Step 1: Identify the current value of the car, which is $8500.
  • Step 2: Calculate 15% of the current value. To do this, multiply $8500 by 0.15.
  • Step 3: Perform the multiplication: 8500 * 0.15 = 1275.
  • Step 4: Subtract the amount calculated in Step 3 from the current value. So, $8500 - $1275.
  • Step 5: Perform the subtraction: 8500 - 1275 = 7225.
  • Step 6: The value of the car after one year is $7225.
  • Depreciation Calculation – Understanding how to calculate the depreciation of an asset over time using a percentage.
  • Percentage Reduction – Applying percentage calculations to determine the new value after a reduction.
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