Algebra-1

Question Analysis
This question evaluates the student's ability to apply the depreciation formula with a monthly depreciation rate. The problem provides the initial value, the monthly depreciation rate, and the time period in years, and asks for the remaining value after the given time.

Key Concept Explanation
Depreciation is a form of exponential decay where the value of an asset decreases over time at a fixed proportion. The formula is used to calculate the remaining value of an asset after a certain period.

Step-by-step Solution
1. Convert the time period from years to months: months.
2. Identify the given values: , , and .
3. Substitute these values into the depreciation formula: