Question : Two years ago, the value of my motorbike was Rs. 62,500. If the value depreciates by 4% every year, its value now is:
Option 1: Rs. 56,700
Option 2: Rs. 57,600
Option 3: Rs. 57,500
Option 4: Rs. 55,700
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Correct Answer: Rs. 57,600
Solution :
Given:
Two years ago, the price of the bike was Rs. 62,500.
Rate of depreciation = 4%
Solution:
Its value depreciates by 4% every year.
Value of the bike 1 year ago = 62500 – 4% of 62500
⇒ Value 1 year ago = Rs. 62500 – $\frac{4}{100}$ × 62500
⇒ Value 1 year ago = Rs. 60,000
Present value of the bike = 60000 – 4% of 60000
⇒ Present value of the bike = Rs. 60000 – $\frac{4}{100}$×60000
⇒ Present value of the bike = Rs. 57,600
Hence, the correct answer is Rs. 57,600.
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