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A new phone cost £679 - Edexcel - GCSE Maths - Question 7 - 2022 - Paper 2

Question 7

A new phone cost £679. The value of the phone decreases at a rate of 4% per year. Work out the value of the phone at the end of 3 years. £

Worked Solution & Example Answer:A new phone cost £679 - Edexcel - GCSE Maths - Question 7 - 2022 - Paper 2

Step 1

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Answer

To find the value of the phone after one year, we can use the formula for depreciation:

$V = P(1 - r)$

where:

Substituting the values:

$V = 679(1 - 0.04) = 679 imes 0.96 = 651.84$

So, the value after 1 year is £651.84.

Step 2

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Answer

Using the value obtained after the first year as the new principal:

$V = 651.84(1 - 0.04) = 651.84 imes 0.96 = 625.76$

Thus, the value after 2 years is £625.76.

Step 3

96%

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Answer

Repeating the process again:

$V = 625.76(1 - 0.04) = 625.76 imes 0.96 = 600.70$

Hence, the value of the phone at the end of 3 years is approximately £600.70.

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