Question

A car bought from a dealership depreciates in value every year by 4.1% of what it's worth at the start of that year. It is initially bought for $34000. Find the value that the car is worth after 7 years.

Answer 1

To find the depreciation of the car take the amount it goes down by each year (4.1%) and make x the number of years. 34000 · (4.1% · 7) = 9758. That's your depreciation. Now just subtract the depreciation from the total and you get 24242