Question

Magnus purchased a new car for $35,865. It depreciates about 3.6% each year. What is the value of the car after 10 years?

Answer 1

1 year = 3.6 % depreciation
100-3.6=96.4

so you do 35,865 ×0.964 = 34,573.86

so the price after a year is £34,573.86

to find out what the price is after 10 years you do 34,573.86 (0.964) to the power of 10
which equals £23961.73

I hope that was helpful :)