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Dan buys a car for £700.
It depreciates at a rate of 5.5% per year.
How much will it be worth in 6 years?
Give your answer to the nearest penny where appropriate

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abidemiokin

Answer:

£469

Step-by-step explanation:

Given the following

Original cost of car = £700.

Depreciation rate = 5.5%

Depreciation amount after 1 year = 5.5% * 700

Depreciation amount after 1 year = 0.055 * 700

Depreciation amount after 6 year =6 * 38.5 =  £231

Worth after 6 years =  £700 -  £231

Worth after 6 years = £469

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