SOLUTION: The value of a car halves in 3 years. Find its annual rate of depreciation or loss in value.

Question 1005212: The value of a car halves in 3 years. Find its annual rate of depreciation or loss in value.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
let = the initial value of the car
Let = the fraction that the value
gets reduced by each year
-------------------------
After 1st year:

After 2nd year:

--------------------------
The rule is:
Current value of car=
after years
-------------------------------
You are given that:

Divide both sides by

Take the log of both sides

The annual depreciation is 20.63%
Hope I got it -you might want to get
another opinion on this
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