The value of a bike is depreciating at the rate of 20% per annum If the value of the bike is to 145000. What will be its value after 3 years?
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Solution:-
cost of bike (P)= ₹ 145000
Time= 3 years
Rate of depreciation = 20 %
Amount = P【1- r%/100】ⁿ
= 145000【20/100】³
= 145000 * 2/10 *2/10 *2/10
= 145 * 8
= 1160
Therefore, Amount = ₹ 1160
Hence, value of the bike after 3 years = ₹(145000+1160)= ₹146160.
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