In a recent stock market downturn, the value of a $5,000 stock is decreasing at 2.3% per month. This situation can be modeled by the equation A(t) = 5,000(0.977)12t, 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 ten dollars) after 1 year? 24.4% and $3,780.00
75.6% and $3,780.00
27.6% and $1,380.00
72.4% and $3,620.00