Question

A type of new car loses 20% of its value in its first year.

It loses 15% per year in every year after the first. Graham buys one of these new cars.
Work out the percentage of its value that it has lost after five years.
Give your answer to the nearest whole number.

Answer 1

After a year, your car's value decreases to 81% of the initial value. After two years, your car's value decreases to 69% of the initial value. After 3 years, your car's value decreases to 58% of the initial value.

Answer 2

Answer:63%

Explanation:

if 2years=25%loss

Then 5years=5/2×25%

=62.5%~63%