Set up the equation

Let the original price be $P$. Since the depreciation is $10\%$ annually, the value after $2$ years is given by the formula $V = P(1 - \frac{R}{100})^n$. Substituting $R = 10$ and $n = 2$, we get the equation.

$486,000 = P \times (1 - \frac{10}{100})^2$

Simplify the depreciation factor

Calculate the factor by which the value decreases: $1 - 0.1 = 0.9$. Squaring this gives $0.9^2 = 0.81$.

$486,000 = P \times (0.9)^2 = P \times 0.81$

Calculate the initial value $P$

Isolate $P$ by dividing $486,000$ by $0.81$. Dividing $486$ by $81$ gives $6$, so $486,000 / 0.81 = 600,000$.

$P = \frac{486,000}{0.81} = 600,000$