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New cars reduce in value once they have been bought - OCR - GCSE Maths - Question 20 - 2023 - Paper 3
Question 20
New cars reduce in value once they have been bought. Zayn buys a new car for £17,000. They see this table in a magazine. | Year | Loss in value compared to the st... show full transcript
Worked Solution & Example Answer:New cars reduce in value once they have been bought - OCR - GCSE Maths - Question 20 - 2023 - Paper 3
Step 1
Calculate the value after Year 1
Answer
To find the value of the car at the end of Year 1, we calculate 15% of the initial value:
Loss in Year 1 = 15% of £17,000 = 0.15 × 17,000 = £2,550.
Therefore, the value of the car at the end of Year 1 is:
Value after Year 1 = £17,000 - £2,550 = £14,450.
Step 2
Calculate the value after Year 2
Answer
Next, we find the loss in value during Year 2, which is 10% of the value at the end of Year 1:
Loss in Year 2 = 10% of £14,450 = 0.10 × 14,450 = £1,445.
Thus, the value of the car at the end of Year 2 is:
Value after Year 2 = £14,450 - £1,445 = £13,005.
Step 3