Garima bought an original hardbound book for ₹56,000. Its value depreciates by 5% per year. What will be the price (in ₹) of the book after 3 years?

The correct option is 48,013.

To find the value of the book after 3 years, we use the formula for depreciation:
$A=P{(1-\frac{R}{100})}^n$
where:
- $P$ is the initial price of the book = ₹56,000
- $R$ is the rate of depreciation per year = 5%
- $n$ is the number of years = 3
- $A$ is the depreciated value after $n$ years

Substituting the given values into the formula:
$A=\mathrm{56,000}\times {(1-\frac{5}{100})}^3$

Simplify the term inside the parenthesis:
$1-\frac{5}{100}=1-0.05=0.95$

Now, calculate the value of the book:
$A=\mathrm{56,000}\times {\left(0.95\right)}^3$
$A=\mathrm{56,000}\times 0.857375$
$A=\mathrm{48,013}$

Thus, the price of the book after 3 years will be ₹48,013.