Question

The value of a boat is $23,400. It loses 8% 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

Hello!

To answer your question:

8% of 23,400 is 1872.

23,400- 1872= $21,528 by the end of the first year

1 year=12 months

1872/12= $156- this is how much it is decreased monthly.

156 is 0.67% of 23400, so the monthly percent decrease of 0.67%.

Hope this helps, and hope this is right! :)