$ 40,000 appreciated @ 7% each year .Calculate the value of the land after 2 years.
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Step-by-step explanation:
Value of asset at the end of 2nd year = value at the end of 3rd year x 100/90
= 36,450 x 100/90
= RS-40,500.
Value of asset at the end of 1st year = value at the end of 2nd year x 100/90
= 40,500 x 100/90
= RS-45,000.
Original value = Value at the end of 1st year x 100/90
= 45,000 x 100/90
= RS-50,000.
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