Question

You buy a house for $230,000. It depreciates 3% per year. How much is it worth in 5 years?

Answer 1

I honestly don’t know the equation but I just took the starting price, $230,000 and multipled it by .03 which was 6,900 and subtracted that from 230,000: 223,190. I repeated that 5 times. The answer I got is 197,508.83