Algebra-1

Question Analysis
This question evaluates the student's ability to apply the depreciation formula to a real-world scenario involving a set of tools. The focus is on correctly identifying 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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