The value of a car depreciates at the rate of 15% per annum. If its present value is Rs 433500, then what was the value (in Rs) of the car 2 years ago?
Solution
Let value of car 2 years ago = Rs. $$x$$
Rate of depreciation = 15%
=> Current value of car = $$x\times(1-\frac{15}{100})\times(1-\frac{15}{100})=433500$$