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Answer :
He stayed with the vehicle which he bought for 1.2 M and sold for 900,000 for 2.87 years
The principal amount of car = 1.2 M
Rate of depreciation = 9.5 % per annum
Amount in which he sold the car to the dealer = 900000
using formula
A = P (1 - R)ˣ
A = 900000
P = 1.2 million
R = 0.095
x = time
900000 = 1200000 ( 1 - 0.095 )ˣ
9/12 = (0.905)ˣ
0.75 = (0.905)ˣ
Taking logs on both sides
log 0.75 = x log 0.905
-0.287 = x (- 0.0998)
x = 2.87
He stayed with the vehicle for 2.87 years
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