/8. The value of a piece of land appreciates every year by 15% of its value at th
beginning of the year. If its present value is 5,81,900, calculate:
(i) its value 1 year ago; (ii) its value 2 years ago.
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Answer:
506,000 & 440,000
Step-by-step explanation:
Current value of land: 581,900
Value increase rate: 15% per year or 1.15 times
1. Value 1 year ago = 581,900/1.15=506,000
2. Value 2 years ago = 506,000/1.15= 440,000
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