Answer :
Final answer:
The boat depreciates according to an exponential decay model, not a simple interest model. The rate of decay of the boat's value is 8% per time period.
Explanation:
The subject of this question is a decay rate in a mathematical formula y = 20000(0.92)^(t), which follows an exponential decay model and not the simple interest formula. It's likely there's been some confusion here, as simple interest isn't usually used to model depreciation.
That said, we can still find the rate of decay from the given exponential model. The decay rate in this case is expressed as (1-0.92), as the value of the boat decreases by this rate each unit of time. In the formula, the 0.92 represents 92% of the value retained each period (could be a year, month, etc.), meaning 8% is lost - this is the rate of decay.
To express this as a percent, we simply multiply by 100, giving us a rate of decay of 8% per time period.
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