Question 2 (10 points) C. A new car that cost 23,000 is worth 16,100 a year later. What was the rate of depreciation for the one year? a 31% b 30% 28% d 32%

To find the rate of depreciation for the one year, we need to calculate the percentage decrease in the car's value from the original cost to the value after one year.The formula for calculating the percentage decrease is:Percentage decrease = (Original value - New value) / Original value * 100%In this case, the original value of the car is 16,100.Plugging these values into the formula, we get:Percentage decrease = ( 16,100) / 6,900 / $23,000 * 100% = 0.3 * 100% = 30%Therefore, the rate of depreciation for the one year is 30%.Answer: b) 30%