posted by rio on .
a new car depreciated by 20% in its first year. each succeeding year it depreciated by 10% assume the car is still in good working condition after 10 years. if the car costs $25,000 calculate the value of the car after 10 years. express your answer to the nearest $10.
please help and show me your steps in working out this equation
After the first year the value is
25000(.8) = 20000
so after the next 9 years depreciating at 10% would leave
7748.41 or 7750