A scooter was bought at Rs. 42,000. Its value depreciated at the rate of 8% per annum. Find its value after one year.

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Rs. 32,767

Rs. 33,482

Rs. 38,640

Rs. 38,320

answer is C.

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Detailed Solution

Concept- Since the rate is compounded annually, we will use the formula for compound interest which is:

A = P 1 − r 100 n

where, A = Compound interest
P = Principal amount
R = Rate of depreciation
n = no. of years
Here,
P = Rs. 42,000
R = 8% per annum
n = 1 year
So, the equation becomes:

A = 42000 1 − 8100 1 A = 42000 − 42000 × 8100 A = 42000 − 3360 A = 38640

Hence, the correct option is 3) Rs. 38640

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