Answer:
The monthly percent decrease in value is 0.50%.
Step-by-step explanation:
Given:
The value of a boat is $20,000. It loses 6% of its value every year.
Now, to find the approximate monthly percent decrease in value.
Value of boat = $20,000.
Percent loses value every year = 6%.
So, to get the value of decrease in every year:
6% of $20,000.
[tex]=\frac{6}{100} \times 20,000[/tex]
[tex]=0.06\times 20,000[/tex]
[tex]=\$1200.[/tex]
Thus, in a year the value loses = $1,200.
So, the monthly decrease:
[tex]=\frac{1200}{12} =\$100.[/tex]
The monthly decrease = $100.
Now, to get the monthly percent decrease:
[tex]\frac{100}{20000} \times 100[/tex]
[tex]=0.005\times 100[/tex]
[tex]=0.5\%.[/tex]
Therefore, the monthly percent decrease in value is 0.50%.
