Algebra-1

Question Analysis
This question assesses the student's ability to handle exponential decay with a different time unit (monthly) and a longer period. It requires careful attention to the consistency of time units and the correct application of the depreciation formula.

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 used is , 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: dollars, , and months (since 2 years = 24 months).
2. Substitute these values into the depreciation formula:

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