| The value of a property decreases every year at the rate of 5%. If its present value is Rs. 411540, then what was its value 3 yr ago? |
A) Rs. 420000
B) Rs. 480000
C) Rs. 500000
D) Rs. 430000
Correct Answer: B
Solution :
| Let value of the property 3 yr ago be P. |
| Then, \[A=P{{\left( 1-\frac{R}{100} \right)}^{3}}\] |
| \[\Rightarrow \]\[411540=P{{\left( 1-\frac{5}{100} \right)}^{3}}P{{\left( 1-\frac{1}{20} \right)}^{3}}\] |
| \[P=\frac{411540\times 20\times 20\times 20}{19\times 19\times 19}\] |
| \[=60\times 20\times 20\times 20\] |
| \[=\text{Rs}.\,\,480000\] |
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