The value of furniture depreciates by 10% a year, if the present value of the furniture in an office is Rs.21870 calculate the value of furniture 3 year ago.
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Answer:
Let past value be x.
According to the question,
After 1st year, value of furniture would be x-0.1x=0.9x
After 2nd year, value of furniture would be 0.9x-0.1*0.9x=0.81x
After 3rd year, value of furniture would be 0.81x-0.1*0.81x=0.729x
Given, value of furniture currently is 21870, which is = 0.729x.
Therefore, x=21870/.729=30,000
So 3 years before, the price of furniture was 30,000
Another method to solve is that every year, the depreciation is by 10%, so you can simply use the following method to solve,
Current price of furniture = (0.9)^n * (price of furniture n years before)
=>21870=(0.9)^3 * x
=>21870=.729x
=>x=21870/.729
=>x=30,000
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