Question

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%

Answer 1

Seeking help and guidance. Thanks.

Answer 2

@AravindG

Answer 3

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

Answer 4

8% ------Year
x% -----------Month

Keep in mind 1 year=12 months!

Answer 5

What would the significance of your result be?

Answer 6

So (0.08 / 12)^12?

Answer 7

Never mind, isn't the answer 0.0066666667?

Answer 8

Well, negative.

Answer 9

yEP

Answer 10

Hi, I got the answer wrong. @AravindG Do you know what went wrong?

Answer 11

Did I misunderstand anything?

Answer 12

A bit bsy atm.. Please wait.

Answer 13

No problem. My bad.

Answer 14

-0.666667% looks good. I am also thinking what went wrong.

Answer 15

Are u sure its wrong?

Answer 16

Yea it was. But the explanation you and mathlete gave me made sense, so I don't understand why.

Answer 17

c is more accurate.

Answer 18

b is less accurate

Answer 19

Why is that so?

Answer 20

Why do you consider b to be less accurate? A statement like that should always come with an explanation of the reasoning involved.

Answer 21

@mathmale I'm typing.

-0.00666666666 is the exact value

Now if you write it as -0.006667 You did a rounding off.

Whereas for -0.666667%=.00666667 The rounding is still done but after a few more digits.

I hope you understand what I tried to convey @Gold1962

Answer 22

So what you are saying is -0.666667% = .00666667, right? I understand.

Answer 23

I believe so.

Answer 24

I will submit that and let you know if it is correct. Thanks for your time and patience!!

Answer 25

yw :)

Answer 26

It was incorrect. I don't know why.

Answer 27

The answer is either a or d i guess.

Answer 28

Sorry. I have no idea how that could be.