Acar valued at £18000 at the start of 2017, depreciated in value by 5% each year for 3 years. how much did it lose in value over this period?

The amount lost over the 3 years s 2567.25£  

Explanation:

where F = final value after n years

I = initial value of the car in 2017 = £18000 (given)

Since the value is depreciated 5% every year for 3 years,

r = percentage rate of depreciation = 5% (given)

n = 3 years

Substituting these values in formula, we get

=

 = 15432.75£ which is the value of the car after 3 years

Finally 18000-15432.75 = 2567.25£ is the amount lost over this period.  

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btw in my country we just have sun and rain as (because i live in the caribbean lol)

also, thx a lot for the points : )