Question

A used car was purchased in July 1999 for $11,900. If the car depreciates 13% of it's value each year, what is the value of the car in July 2002?
Please show how you did it

Answer 1

1999 price = 11900
it depreciates 13%
$\frac{13}{100} \times 11900 = 1547$
year 2000 cost = 11900 - 1547 = 10353
it depreciates 13%
$\frac{13}{100} \times 10353 = 1345.89$
year 2001 cost = 10353 - 1345.89 = 9007.11
it depreciates 13%
$\frac{13}{100} \times 9007.11 = 1170.92$
year 2002 cost = 9007.11 - 1170.92 = 7836.19
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