The formula used for calculating depreciation is ____
The formula used for calculating depreciation is A=P×[1−R100]n, whereas the formula used for calculating compound interest is
A=P×[1+R100]n
A fixed asset was bought for Rs. 5,000. Its accumulated depreciation is Rs. 3,000 and rate of depreciation is 20%. Calculate its depreciation expenses for the current accounting period using reducing balance method?