A property's value declines annually by 6.25% of its value at the start of each year. If its worth after 3 years is Rs. 21,093, what was the property's value at the beginning of the first year?

Explanation

Since the property depreciates by 6.25% (which is 1/16) annually, the value after each year is multiplied by 15/16. Over 3 years, the value becomes x × (15/16)^3 = 21,093. Solving for x gives the initial value as Rs. 25,600.24.