The cost of a property appreciates by 10% of the previous month every month. If in end march 2024 it was ₹ 13.31 lakh, when was it ₹ 10 lakh?
The cost of a property appreciates by 10% of the previous month every month. If in end march 2024 it was ₹ 13.31 lakh, when was it ₹ 10 lakh?
Solution
✅ Correct Option: 2
The property appreciates by 10% every month, meaning each month the value becomes 110% of the previous month's value.
New Value = Old Value × 1.10
The value at end March 2024 is ₹13.31 lakh. To find when it was ₹10 lakh, work backwards by dividing by 1.10 each month.
End March 2024: ₹13.31 lakh
End February 2024:
lakh
End January 2024:
lakh
End December 2023:
lakh
The property value was ₹10 lakh at end December 2023.
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