Question

The value of a boat is $23,400. It loses 10% of its value every year. Find the approximate monthly percent decrease in value. Round your answer to the nearest hundredth of a percent.

Answer 1

Value of boat = $23,400

Loss of value by boat per year = 8%

To find: - Monthly percent decrease in value of boat.

Solution: - Decrease of value per year = 8% of $23,400 = $1,872. Monthly decrease in value = $1,872/12 = $156. Monthly percentage decrease = ($156/$23,400) * 100 = 0.6667 or 0.67 (rounded to nearest hundredth)

Explanation: