NEEDS TO BE WORKED OUT BY HAND NO EXCEL PLEASE THANK YOU!

The depreciation of an item can be expressed by the relation : P = P.(1-r)* where P is the value t years from now, Po is the present value, and r is the rate of depreciation. If as a rule of thumb a new car depreciates 25% of its purchase price in the first year, and 15.60% in each of the following 4 years, compute the value of a car that cost $30,000 new, after you have owned it a total of 5 years. Let n = 1