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The value of a car depreciates 15% in the first year, 10% in the second year, and 20% in the third year. If the initial value was Rs. 50,000, what is its value at the end of 3 years?

1. Rs. 30,600
2. Rs. 31,500
3. Rs. 29,400
4. Rs. 32,000

Correct answer: Rs. 30,600

Solution

Successive depreciation means the value is reduced step by step. After 1st year: $50000\times0.85=42500$; after 2nd year: $42500\times0.90=38250$; after 3rd year: $38250\times0.80=30600$. Hence the final value is Rs. 30,600.

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