Algebra-1

Question Analysis
This question tests the student's ability to apply the depreciation formula with a monthly depreciation rate and convert time units accordingly.

Key Concept Explanation
Depreciation is the process by which the value of an asset decreases over time. The formula for depreciation is , where is the remaining value, is the initial value, is the depreciation rate, and is the time in the same units as the rate.

Step-by-step Solution
1. Identify the given values: , , (since 2 years is 24 months)
2. Substitute the values into the formula: