Question

A car valued at $14,000 depreciated 18% per year. After how many years will the value have depreciated to $1000?

Answer 1

Answer:

Little more than 5 years

Step-by-step explanation:

Given the following question:

Original value of the car is $14,000
18% depreciated or diminish in value per year.

How many years would it take for the cars value to reach $1000?

To find the answer we must first find 18% of the 14,000 speaking how that's how much the car value diminishes in a year.

18% of 14000:
$\frac{p\times n}{100}$
$\frac{18\times14000}{100} =18\times14000=252000\div100=2520$
$=2520$

18% of 14000 is 2520, which means each year the cars value depreciates $2520 dollars.

$14000-2520=11480-2520=8960-2520-6440-2520=3920-2520=1400$
$=1400$

Which means it will take a "little more than 5 years" for the cars value to reach $1000.

Hope this helps.