SOLUTION: A used car was purchased at Le900,000. Its value depreciates by 30% in the first year. In each subsequent year, the depreciation was 22% of its value at the beginning of that year.

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Question 1117360: A used car was purchased at Le900,000. Its value depreciates by 30% in the first year. In each subsequent year, the depreciation was 22% of its value at the beginning of that year. If the car was bought on 1st March, 2011. Calculate the value of the car on 28th February,2015.
Answer by josgarithmetic(39615) About Me  (Show Source):
You can put this solution on YOUR website!
After the first year's depreciation, value becomes %280.7%29%28900000%29=630000 Le.

From beginning of March 2012 to end of Feb 2015, three years pass for depreciation rate of 22%.

v=630000%281-0.22%29%5E3

v=298968
or better, enough to be about Le 299000