Afinancial survey estimated that, on average, the retail value of a mid-sized car decreases 8% annually. if the value of a mid-sized car in a particular year is $15,600, which equation represents its value (v) after n years?
a) v= 15,600(1.08)^n
b) v= 15,600(0.92)^n
c) v= 15.600(0.08)^n
d) v= 15,600(0.05)^n