Salvage value is the estimated value that an asset will realize upon its sale at the end of its lifespan. The depreciation rate r is given by , where n is the lifespan of the item (in years), S is the salvage value (in dollars), and C is the original cost (in dollars). A boat is purchased for $240,000, and has a lifespan of 24 years. Use the graph below to answer the following:

9a. Determine the value of the boat at year 12.



9b. Determine the depreciation rate on the boat. Round your answer to two decimal places.