The cost of a car is * 4,80,000. Its value depreciates at the rate of 10% per annum. What would be the value of the car after two years?
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388,800
Step-by-step explanation:
Cost of a car = 4,80,000
Rate of depreciation = 10% p.a.
therefore, value of the car after 2 years = P{1-(r/100)}² = 4,80,000{1-(10/100)}² = 4,80,000×81/100 = 388,800
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