A magazine says that a new car's value drops by 30% in the first year. The car's value then drops by 15% each year after that. Greg says "That means the value of a new car is halved in 3 years." Is Greg correct? Justify your answer.
1 Answer
Nov 20, 2017
Yes.
Explanation:
let
After one year the value drops by
The second year the value drops by
In the third year the value drops by
This is very close to