A car cost $20,000 when it was purchased. The value of the car decreases by 8% each year. Find the rate of decay each month and select the correct answer below.

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- jim_thompson5910

Monthly Rate of Decay = (Annual Rate of Decay)/12

- anonymous

- anonymous

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## More answers

- anonymous

−0.006924%
−0.006667%
−0.666667%
−0.6924%
These are the answer choices..... I tried doing it, but my answer was not one of these

- jim_thompson5910

Annual Rate of Decay = 8%
Monthly Rate of Decay = (Annual Rate of Decay)/12
Monthly Rate of Decay = (8%)/12
Monthly Rate of Decay = ???

- anonymous

My textbook confused me a lot sooooo ill give it my best shot,
\[A=P(1+r ^{1/c})^{c*t}\]
Is that the equation? @jim_thompson5910
If so, i just need help finding A, which i am very confused about

- anonymous

- jim_thompson5910

you're overthinking

- jim_thompson5910

you just divide 8 by 12

- anonymous

yes i know for the monthly rate
btw wouldn't it btw 0.08/12 because it is 8% @jim_thompson5910

- anonymous

oh wait, do you mean dividing 0.08/12 is all i do for the monthly rate

- jim_thompson5910

well they leave things in percentages

- jim_thompson5910

so (8%)/12 = 0.667%

- anonymous

Oh ok thanks :)

- jim_thompson5910

np

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