Question : The initial value of a car is Rs. 20000. The value of a car depreciates by 20 percent of its initial value each year. What will be its value after 3 years?
Option 1: Rs. 9840
Option 2: Rs. 10240
Option 3: Rs. 10560
Option 4: Rs. 11980
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Correct Answer: Rs. 10240
Solution : Given: The value of the car depreciates by 20% each year. After the first year, the car's value will be 80% of Rs. 20000 = $\frac{80}{100}\times20000$ = Rs. 16000 After the second year, the car's value will be 80% of Rs. 16000 = $\frac{80}{100}\times16000$ = Rs. 12800 After the third year, the car's value will be 80% of Rs. 12800 = $\frac{80}{100}\times12800$ = Rs. 10240 Hence, the correct answer is Rs 10240.
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