The worth of the car in 2 years is £1767.2
How to determine the worth of the car?
The given parameters are:
Value, a = £20000
Depreciation rate, r = 6%
The value of the car in t years is represented as:
f(t) = a *(1 - r)^t
This gives
f(t) = 2000 * (1 - 6%)^t
In 2 years, t = 2
So, we have:
f(2) = 2000 * (1 - 6%)^2
Evaluate
f(2) = 1767.2
Hence, the worth of the car in 2 years is £1767.2
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