Algebra-1

Question Analysis
This question tests the student's ability to apply the depreciation formula to a real-world scenario. The key is to correctly identify the initial value, the depreciation rate, and the time period.

Key Concept Explanation
Depreciation is an exponential decay process where the value of an asset decreases over time. The formula for depreciation is , where is the value after time , 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: , , .
2. Substitute these values into the depreciation formula:

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