The value of a car is depreciating at a rate of 5% per year. In 2010, the car was worth $32,000. Find the value of the car in 20
1 answer:
Data:
Depreciating: The value decrease
Rate: 5% per year
2010: $32,000
2013: $?
Step 1: As depreciating means decrease, the value of the car is decaying
Step 2 and step 3: You use the formula below to find the value of the car after 3 years (as the value is decaying the rate in the formula is substracting)
Final value: F
Principal value: P=32000
rate: r=5
Time in years: n=3 (2013-2010=3)
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