Algebra-1

Question Analysis
This question tests the student's ability to apply the depreciation formula to find the value of an asset after a given period, considering a monthly depreciation rate. The problem involves converting the time period to months and substituting the given values into the formula.

Key Concept Explanation
Depreciation is an exponential decay process where the value of an asset decreases over time at a fixed rate. The formula is used to calculate the remaining value of the asset, where 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 these values into the depreciation formula: