Colin buys a tv for £530. It depreciates at a rate of 3% per year. How much will it be worth in 5 years? Give your answer to the nearest penny where appropriate.

In 5 years it will be worth £455

Step-by-step explanation:

Step 1

Given

The cost of the T.V. for Colin = £530.

The rate of depreciation per year = 3%

Time/ period = 5 years

Formulae to be used

F = P  X (1 - r) ^ n

where

F = the future value after depreciation

P = the present value.

r =the interest rate per time period

n = the time/ periods

Step 2--- SOLVING

F = P  X (1- r) ^ n

F= 530 x (1-0.03) ^ 5

=530 x 0.858734

=£455.129

Rounding up to the nearest penny where appropriate = £455

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