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Question
Mr. Manish purchased a motorcycle at Rs.70,000/-. After some years he sold his motorcycle at the exact depreciated value of it that is Rs.51,030/-. The rate of depreciation was taken as 10%. Find after how many years he sold his motorcycle.
Solution
Given, purchase price of the motorcycle = V
= ₹ 70,000/-
Depreciated value of the motorcycle = D.V. = ₹ 51,030/-
∴ Rate of depreciation = r = 10%
Using, D.V. = V`(1 - "r"/100)^"n"`
∴ 51,030 = 70,000`(1 - 10/100)^"n"`
∴ `(1 - 1/10)^"n" = (51,030)/(70,000)`
∴ `(9/10)^"n" = 729/1000 = (9/10)^3`
∴ n = 3
∴ Manish sold his motorcycle after 3 years.
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What is ‘Depreciation’?
