Colin buys a tv for £800. It depreciates at a rate of 1% per year. How much will it be worth in 2 years? Give your answer to the nearest penny where appropriate

708

Step-by-step explanation:

Answer

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Given:

The cost of the T.V. for Colin = £ 800.

The rate of depreciation per year = 4%

Time period = 3 years

To find:

How much will it be worth in 3 years? Give your answer to the nearest penny where appropriate.

Solution:

To solve the above-given problem, we will use the following formula:

where

A = the final value after depreciation

P = the present value

R = rate of depreciation

n = time period

Now, on substituting the given values in the formula, we get

we will round the above answer to its nearest penny where appropriate

≈ £ 708

Thus, the worth of the t.v. in 3 years will be £ 708.

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