31) over the last 2 years my car has depreciated in value by 20%. today it is worth $17,500. what was it…
31) over the last 2 years my car has depreciated in value by 20%. today it is worth $17,500. what was it worth 2 years ago?
Answer
Explanation:
Step1: Let the original value be $x$.
The car has depreciated by 20%, so its current value is $(1 - 0.20)x=0.8x$.
Step2: Set up the equation.
We know that $0.8x = 17500$.
Step3: Solve for $x$.
$x=\frac{17500}{0.8}=21875$.
Answer:
$21875$