2 years ago, the value of my car was Rs 3,62,500. If the value depreciates by 2% every year, then now its value (in Rs) is :
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. 348145.
Given that
Two years ago, the value of my car was Rs 3,62,500
If the value depreciates by 2% every year,
According to the question;
The value of my car after 2 years = 362500 × (98/100) × (98/100)
= 348145