Eton originally purchased his car for $16,000, but since then the car has been depreciating, or losing value, at a rate of 12% per year. The exponential function can be used to determine the value of Eton’s car at the end of each month, where is the number of times per year that the car’s value is being determined. In this case, is 12. What is the car’s approximate monthly depreciation rate?

Evaluate the function for

Subtract the number inside the parentheses from 1 and convert the difference to a percent.

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