The value of a machine depreciates at 20% per annum. If its present value is Rs. 1,50,000, at what price should it be sold after two years such that a profit of Rs. 24,000 is made?

A. Rs. 1,10,000
B. Rs. 1,20,000
C. Rs. 1,24,000
D. Rs. 1,21,000
E. None of these
Explanation:
The value of the machine after two years = 0.8 * 0.8 * 1,50,000 = Rs. 96,000
SP such that a profit of Rs. 24,000 is made = 96,000 + 24,000 = Rs. 1,20,000