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in Compound Interest by (56.3k points)

The value of a refrigerator which was purchased 2 years ago, depreciates at 12% per annum. If its present value is Rs. 9680, for how much was it purchased?

1 Answer

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Best answer

Given details are,

Present value of refrigerator is = Rs 9680

Depreciation rate is = 12%

Let the price of refrigerator 2 years ago be = Rs x

By using the formula,

A = P (1 + R/100)n

9680 = x (1 – 12/100) (1 – 12/100)

9680 = x (88/100) (88/100)

9680 = x (0.88) (0.88)

9680 = 0.7744x

x = 9680/0.7744

= 12500

∴ The refrigerator was purchased for Rs 12500.

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