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Question
The cost of a sewing machine is Rs 7,000. Its value depreciates at 8% p.a. Then the value of the machine after 2 years is Rs 5,924.80.
Options
True
False
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Solution
This statement is True.
Explanation:
Principal = Rs. 7000
Rate of depreciation = 3% per annum
Time period = 2 yr
`A = P(1 - R/100)^n`
= `7000(1 - 8/100)^2`
= `7000 xx 23/25 xx 23/25`
= 11.2 × 23 × 23
= Rs. 5924.8
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