anonymous
  • anonymous
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.
Statistics
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SOLVED
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jamiebookeater
  • jamiebookeater
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jim_thompson5910
  • jim_thompson5910
Monthly Rate of Decay = (Annual Rate of Decay)/12
anonymous
  • anonymous
@dan815
anonymous
  • anonymous
@nincompoop @pooja195 @Astrophysics

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More answers

anonymous
  • 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
  • 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
  • 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
  • anonymous
@legends
jim_thompson5910
  • jim_thompson5910
you're overthinking
jim_thompson5910
  • jim_thompson5910
you just divide 8 by 12
anonymous
  • anonymous
yes i know for the monthly rate btw wouldn't it btw 0.08/12 because it is 8% @jim_thompson5910
anonymous
  • anonymous
oh wait, do you mean dividing 0.08/12 is all i do for the monthly rate
jim_thompson5910
  • jim_thompson5910
well they leave things in percentages
jim_thompson5910
  • jim_thompson5910
so (8%)/12 = 0.667%
anonymous
  • anonymous
Oh ok thanks :)
jim_thompson5910
  • jim_thompson5910
np

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