Question

Each year the value of a car decreases by 25% of its value the previous year. After 5 years, what is the value of a car originally worth $17,500? Express answer to the nearest dollar.

Answer 1

The residue value after each year is 100-25=75% of the previous year.
So after n years, the value is
P(0.75^n)
=$17,500 * 0.75^5
=...
I'll let you do the calculations.

Answer 2

something