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Kalyan purchased an old bike for Rs. 12000. If its cost after 2 years is Rs. 11524.80, the rate of depreciation is _____.

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1% per annum

4% per annum

3% per annum

2% per annum

answer is D.

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Detailed Solution

Given that the principal amount is

P = R s .12000

, the time period in years

n = 2

, and the amount after a certain time period is

A = R s .11524.80

.
So, let the rate of decrease in percentage be r. It is given by,

A = P 1 + r 100 t 11524.80 = 12000 1 − r 100 2 11524.80 12000 = 100 − r 100 2 24012500 = 100 − r 100 2 4950 = 100 − r 100 100 − r 100 = 0.98 100 − r = 98 r = 2

Hence, the correct option is 4.

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