Question

A car cost £9000 and depreciates at a rate of 20℅ per annum. Find the value of the car after 3 years.

What is asked:

What are given:

What is the answer:

Answer 1

(a) value of the car after 3 years.

(b) rate$=20\%, principle amount=\$9000$

time=n=3years

(c) $value=9000(1-20/100)^3$ $=\$4608$