The value of a machine depreciates at the rate of 10% every year. It was purchased 3 years ago. If its present value is Rs 8,748, its purchase price was?
Choose the correct choice from the following.
A) rs 16,000  B) rs 18,000  C) rs 12,000  D) rs 14,000  E) none of these

Rationale: "we have p = 8748 , r = - 10 and n = 3 therefore , the purchase price of the machine = p / ( 1 + ( r / 100 ) ) n = 8748 / ( 1 - ( 10 / 100 ) ) 3 = 8748 x ( 100 / 90 ) x ( 100 / 90 ) x ( 100 / 90 ) = 12,000 . answer : c"
Answer: C