A scooter was bought at ₹ 40,000. Its value depreciated at the rate of 4% per annum. Find its value after one year.
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Answer:• The value of the scooter after 1 year is Rs 38640.
Given :
•Principal (P) = Rs 42,000
• Interest rate (R) = 8%
• Time (n) = 1 year
To Find :
• Value of scooter after 1 year = ?
Solution :
By using the formula,
Hence, the value of the scooter after one year is Rs 38640.
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★ Additional Information :
• Compound interest is the addition of interest to the principal sum of deposit or it may be loan .
The formula for compound interest is,
Where,
A = Final amount
P = principal balance
r = interest rate
n = no. of times interest applied .
t = no. of time periods elapsed
Step-by-step explanation:
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