The value of a boat is $21,200 It loses 6% of its value every year. Find the approximate monthly percent decrease in value. Round your answer to the nearest hundredth of a percent.

.06^(1/12) = ?

To find the approximate monthly percent decrease in value, we can first determine the annual decrease and then divide it by 12 months.

The annual decrease can be calculated by multiplying the initial value of the boat ($21,200) by the annual decrease rate (6% or 0.06):

Annual decrease = $21,200 x 0.06 = $1,272

Now, to find the approximate monthly percent decrease, we divide the annual decrease by 12:

Monthly percent decrease = $1,272 / 12 = $106

Therefore, the approximate monthly percent decrease in value is $106.

To find the approximate monthly percent decrease in value, we first need to find the annual decrease in value.

Given that the boat loses 6% of its value every year, we can find the annual decrease by calculating 6% of $21,200.

Annual decrease = 6% of $21,200 = (6/100) * $21,200 = $1,272

Now, to find the approximate monthly percent decrease, we divide the annual decrease by 12 (since there are 12 months in a year).

Monthly percent decrease = Annual decrease / 12 = $1,272 / 12 = $106

Finally, to round the answer to the nearest hundredth of a percent, we divide $106 by the value of the boat ($21,200) and multiply by 100.

Approximate monthly percent decrease = ($106 / $21,200) * 100 = 0.5%

Therefore, the approximate monthly percent decrease in value is 0.5%.

79%