Question 75
The present value of an old car is ₹5,40,000. Its value depreciates at 25% per annum. What was its value (in ₹) 2 years ago?
Solution
Let's assume the value of the car 2 years ago is 'y'.
Its value depreciates at 25% per annum. The present value of an old car is ₹5,40,000.
y of (100-25)% of (100-25)% = 540000
y of 75% of 75% = 540000
$$y\times\frac{75}{100}\times\frac{75}{100}=540000$$
$$y\times\frac{3}{4}\times\frac{3}{4}=540000$$
$$y\times\frac{9}{16}=540000$$
$$y\times\frac{1}{16}=60000$$
value of the car 2 years ago = y = 960000
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