Question : In April 2019, Dinesh purchased a new car for INR 7,00,000 and sold it in April 2022 at its depreciated cost. If the rate of depreciation in the first year is 20%, 15% in the second year, and 10% every year thereafter, what amount of money will Dinesh get as the selling price?
Option 1: INR 4,28,400
Option 2: INR 4,28,600
Option 3: INR 4,68,400
Option 4: INR 5,28,400
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Correct Answer: INR 4,28,400
Solution :
After the first year, the value of the car depreciates by 20%.
The value of the car after the first year = 7,00,000 × (1 – 0.20) = INR 5,60,000.
After the second year, the value of the car depreciates by 15%.
The value of the car after the second year = 5,60,000 × (1 – 0.15) = INR 4,76,000.
After the third year, the value of the car depreciates by 10%.
The value of the car after the third year = 4,76,000 × (1 – 0.10) = INR 4,28,400.
Hence, the correct answer is INR 4,28,400.
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