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A car depreciates by 30% the first year and 12% per year afterward. How much will a $25000 car be worth after 5 years?
Step 1. 30% means 0.30 and 12% means 0.12.
Step 2. Let
the initial price of car.
Step 3. Let
be dollar value of car after first year.
Step 4. Let
be dollar value of car after second year. Also,
after third year
Step 5. Then
be the dollar value of car after 5 years.
Step 6. ANSWER: The dollar value of the car after 5 years is $10,494.67.
I hope the above steps were helpful.
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