How to solve this math problem

Question

Tom bought a new machine for his shop for $3600 one year later the value of the machine was $3312. What percent did the value of the machine depreciate was 80% 8% 28% or 0.18%?

Answer 1

Hello Tamegee,

The formula to use to find percent increase (or decrease in this case) is:

% = 100 x (final value - initial value) / initial value

initial value = 3600, final value = 3312 so % = 100 x (3312 - 3600) / 3600 = 100 x (-288)/3600 = -8%

The negative sign means it's a decrease. The value of the machine decreased by 8%.