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.
a) -0.006924%
b)-0.006667
c)-0.666667%
d)-0.6924%

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@AravindG

What would happen if y ou were to divide that 8% by 12 (for 12 months)?

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