The value of a bike depreciates by 55% per year. Work out the current value of a bike bought 2 years ago for £1300.

1 answer:

7 0

Year 1: 1,300 * 55% = 715 depreciation
1,300 - 715 = 585 book value

Year 2: 585 * 55% = 321.75 depreciation
585 - 321.75 = 263.25 book value

Year 3: 263.25 * 55% = 144.79 depreciation
263.25 - 144.79 = 118.46 book value

If the bike was bought 2 years ago, then its current value is $263.25.

Currently, it is the beginning of Year 3 but depreciation is computed at the end of the year.

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