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A car's value depreciates by 20% each year. If the current value is $25,000, wha

Practice Questions

Q1
A car's value depreciates by 20% each year. If the current value is $25,000, what will be its value after one year?
  1. $20,000
  2. $22,000
  3. $24,000
  4. $25,000

Questions & Step-by-Step Solutions

A car's value depreciates by 20% each year. If the current value is $25,000, what will be its value after one year?
Correct Answer: 20000
  • Step 1: Identify the current value of the car, which is $25,000.
  • Step 2: Calculate 20% of the current value. To do this, multiply $25,000 by 0.20.
  • Step 3: Perform the multiplication: $25,000 * 0.20 = $5,000. This is the amount the car depreciates.
  • Step 4: Subtract the depreciation amount from the current value. So, $25,000 - $5,000 = $20,000.
  • Step 5: The value of the car after one year is $20,000.
  • 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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