A car normally depreciates 30% in value in the first year. A car is worth $11,074 after the first year. What was its original value?

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15-01-2016
Mathematics

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A car normally depreciates 30% in value in the first year. A car is worth $11,074 after the first year. What was its original value?

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taskmasters taskmasters · Answer 1 · 2016-01-15T05:47:43+01:00

Original value of the car is 15,820

Original value = ?
Rate of depreciation = 30%
Net value = 11,074

Original value = net value / (100% - depreciation rate)
= 11,074 / (100% - 30%)
Original value = 11,074 / 70%
Original value = 15,820

Depreciation value = Original value * depreciation rate
= 15,820 * 30%
= 4,746
Net value = Original value - Depreciation value
= 15,820 - 4,746
= 11,074