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Question
The value of a refrigerator which was purchased 2 years ago, depreciates at 12% per annum. If its present value is Rs 9680, for how much was it purchased?
Solution
Purchase price = P \[\left( 1 - \frac{R}{100} \right)^{- n} \]
\[ \Rightarrow 9, 680 \left( 1 - \frac{12}{100} \right)^{- 2} \]
\[ = 9, 680 \left( 0 . 88 \right)^{- 2} \]
= 12, 500
Thus, the purchase price of the refrigerator was Rs 12, 500.
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