Algebra-1

Question Analysis
This question tests the student's ability to handle exponential decay with a monthly depreciation rate. The student must convert the time into months and apply the depreciation formula.

Key Concept Explanation
The key concept is the depreciation formula: , 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 there are 24 months in 2 years).
2. Substitute these values into the depreciation formula:

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