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Raj bought a car 4.5 years ago for $25,000, and the current value of the car is $12,000. At what percentage rate has the car depreciated?
Raj bought a car 4.5 years ago for $25,000, and the current value of the car is $12,000. At what percentage rate has the car depreciated? Round your answer to the nearest whole number.
so I think the equation would be 12,000=25,000(x^4.5)
is that right? and how do I find x?
2 Answers
- 7 years ago
1) if the depreciation is linear, then the car be depreciated at a rate of:
( 25000-12000)/4.5 = 13000/4.5 $/year
Now, divide this by 25000 and get the fractional depreciation per year
13000/(25000*4.5)
Multiply this number by 100 and get the percentage depreciation per year
(13000*100)/(25000*4.5)
= 13*4/(9/2) = 26*4/9 ~ 12%/year
