In a recent stock market downturn, the value of a $1,000 stock is decreasing at 1.6% per month. This situation can be modeled by the equation A(t) = 1,000(0.984) 121, where A(t) is the final
amount and t is time in years. Assuming the trend continues, what is the equivalent annual devaluation rate of this stock (rounded to the nearest tenth of a percent) and what is it worth (rounded
to the nearest dollar) after 1 year? (4 points)
19.2% and $808.00
17.6% and $824.00
80.8% and $808.00
82.4% and $824.00