Monthly depreciation of a car

Statement

A car loses $2\%$ of its value each month during the first year. What is the book value of an $18000\ \text{€}$ car after $12$ months?

Solution

Each month $98\%$ remains: $B=B_0\,(0{.}98)^{12}$. $B=18000\,(0{.}98)^{12}=18000\cdot 0{.}784703\approx\boxed{14124{.}7\ \text{€}}.$