Question

A car was bought in 1998 for $850000 and it's value depreciated at the rate of 15% per annum. calculate the value of the car in 2002​

Answer 1

number of years = 2002 - 1998 = 4

100 - 15= 85%

85/100=0.85

850000 X 0.85^4= 443705.3125

$443705.31