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

23400 x 8/100 = 1872 = the loss
1872 : 12 = 156= the loss each month
156/1872*100% = 8,33 % then round it