#### Dinesh purchased a scooter for ₹ 24000. The value of the scooter is depreciating at the rate of 5% per annum. Calculate its value after 3 years.

**Solution:**

It is given that

Present value of scooter (P) = ₹ 24000

Rate of depreciation (r) = 5%

Period (n) = 3 years

We know that

Value after 3 years = P (1 – r/100)^{n}

Substituting the values

= 24000 (1 – 5/100)^{3}

By further calculation

= 24000 × 19/20 × 19/20 × 19/20

= ₹ 20577

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