Calvin purchases a piece of heavy machinery for $32,300. the value of the machine depreciates at an annual rate of 8.3% . which function of represents the value of the machine with an approximate equivalent monthly depreciation rate?

Calvin purchases a piece of heavy machinery for $32,300. The value of the machine depreciates at an annual rate of 8.3%

Annual depreciation rate = 8.3% =

For monthly depreciation rate we we raise to the exponent . Also we multiply the number of years by 12.

We know depreciation formula is

Where 'p' is the initial cost, 'r' is the annual depreciation rate and 't' is the number of years

Here p = 32,300

r = 0.083 for monthly we raise to the exponent

so

t= number for years , for monthly we put 12t

So equation becomes

function of represents the value of the machine with an approximate equivalent monthly depreciation rate is

i believe the answer is letter c) 8

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