Last year, Ken bought a mountain bike for $460. His bike has depreciated since he bought it. It is now worth $320. About what percent did the value of Ken’s bike depreciate over the past year

Answer 1

To find the percent depreciation of Ken's bike, we can use the formula for percent change:

\[ \text{Percent Depreciation} = \left( \frac{\text{Original Value} - \text{Current Value}}{\text{Original Value}} \right) \times 100 \]

In this case:

• Original Value = $460
• Current Value = $320

First, calculate the difference in value:

\[ \text{Difference} = \text{Original Value} - \text{Current Value} = 460 - 320 = 140 \]

Now, substitute the values into the percent depreciation formula:

\[ \text{Percent Depreciation} = \left( \frac{140}{460} \right) \times 100 \]

Calculating the fraction:

\[ \frac{140}{460} \approx 0.3043 \]

Now multiply by 100 to convert it to a percentage:

\[ 0.3043 \times 100 \approx 30.43 \]

Thus, the percent depreciation of Ken's bike over the past year is approximately 30.43%.