The formula to calculate the current value of a piece of furniture is:
\[ CV = OP - \left(\frac{D}{100} \times OP \times A\right) \]
Where:
The following table lists standard depreciation rates for different types of furniture:
Example:
Step 1: Calculate the current value:
\[ CV = 1000 - \left(\frac{10}{100} \times 1000 \times 5\right) = 1000 - 500 = 500 \text{ dollars} \]
