Robert bought his car 4 years ago. Each year the value of the car has depreciated by 15%. The car is now worth $6264. Calculate how much the car was worth when Robert bought it.
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Answer:
Present cost= C
o
Rate = 20%
Time = 2 years
Let after 2 years cost, C=208000
Thus, C=C
o
(1+
100
R
)
T
208000=C
o
(1−
100
20
)
2
C
o
=325000
Thus present cost is 325000 Rs.
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