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Model unit-cost depreciation with a recurrence relation

Question 1 of 8

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A construction site's mobile crane costs $23,252 new, and its value depreciates by $249 for every 1,000 hours run

Let \(V_n\) be the value of the crane, in dollars, after \(n\) blocks of use, where each index step covers 1,000 hours

\[V_0 = \$23{,}252\]
\[V_{n+1} = V_n - \$249\]
3 marks

Work out the value at n = 1, n = 2 and n = 3