The value of a printing machine depreciates each year by 8% of its value at the beginning of that year. If the value of the new machine is 54000 Ghana cedis, find its value at the end of the third year.
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Answer:
Current cost of machine(P) = Rs 54000
Rate of decrease = 8%
Time = 3 yrs
Amount = P(1-r/100)³
= 54000×92/100 ×92/100 ×92/100
= Rs 42049.152
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