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Question 61

The value of a car, bought for Rs 440000 depreciates each year by 10% of  its value at the beginning of that year. So, its value becomes Rs 308000 after three years.


Solution

False
The value of a car i.e. principal = Rs 440000
Rate of depreciation (R%) = 10% per annum
Time period (T) = 3 yr
The value of the car after depreciation in 3 yr is given by
A=P(1R100)r=440000(110100)3=440000×910×910×910=440×729=Rs. 320760

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