I need help finding out at which percentage a car's value decreases by each year.
It changes by the same percentage each year, and by year $5$ it's value has decreased from $325000$ to $70000$. By what percentage does it decrease each year?
I have tried using the formula $70000$ = $325000x^\frac 15$
Dividing each side to isolate $x^\frac 15$, therefore getting:
$x^\frac 15 = 0.22$ and raising both sides to 5:
$x = 0.00052$ but I fail to extrapolate the percentage decrease from this.