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.

Question

jim_thompson5910 · Answer

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

anonymous · Answer

@dan815

anonymous · Answer

@nincompoop @pooja195 @Astrophysics

anonymous · Answer

−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 · Answer

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 · Answer

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 · Answer

@legends

jim_thompson5910 · Answer

you're overthinking

jim_thompson5910 · Answer

you just divide 8 by 12

anonymous · Answer

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

anonymous · Answer

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

jim_thompson5910 · Answer

well they leave things in percentages

jim_thompson5910 · Answer

so (8%)/12 = 0.667%

anonymous · Answer

Oh ok thanks :)

jim_thompson5910 · Answer

np