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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

Over the year it loses $1,872 (0.08 x 23400)

That is $156 per month.

The decrease per month is 0.00666.. or 0.67%