Question

An automobile purchased for 22,000 is worth 2500 after 5 yrs. Assuming that the cars value deprecited steadily from year to year, what was it worth at the end of third year

Answer 1

Original price = 22000
New price = 2500
Amount depreciated in 5 years = 22000 - 2500
                                                  =19500
Amount depreciated in 1 year = 19500/5
                                                = 3900
Worth after 3 years = 22000 - 3(3900)
                               = 10300