Question

A new car depreciates at a rate of 15% per year. What is the expected value of a $25,000 car after 5 years (rounded to nearest whole dollar)?

Answer 1

The answer to the question above is letter B. The new car depreciates at the rate of 15% per year. The expected value of the car after 5 years is $11,093. to explain the calculation of the answer :
year       amount      %      interest        total   1          25000       0.15     3750         21250   2          21250       0.15     3187.5      18062.5   3         18062.5     0.15     2709.375  15353.13   4         15353.13   0.15     2302.969  13050.16  5         13050.16   0.15    1957.523   11092.63
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