Question

The original value of a car is 22,000 it loses value by 15% each year. What is the value after 3 years

Answer 1

15% of $22,000 is $3,300. $22,000 minus $3,300 is $18,700.

15% of $18,700 is $2,805. $18,700 minus $2,805 is $15,895.

15% of $15,895 is $2,384.25. $15,895 minus $2,384.25 is $13,510.75.

After 3 years, the cars value has reduced from $22,000 to $13,510.75