NECO Mathematics 2007 Objective — Question 7
Question 7 of 60 from the National Examinations Council (NECO) Mathematics 2007 Objective paper, with the correct answer and a full explanation.
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A fridge bought for #120,000.00 depreciated by 25% in the first year and 20% in the second year. Find its value at the end of the second year.
- A. #30,000.00
- B. #72,000.00Correct
- C. #90,000.00
Explanation
Year 1: 120,000 - 25%x120,000 = 90,000. Year 2: 90,000 - 20%x90,000 = 90,000-18,000 = #72,000.00.
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