In a recent stock market downturn, the value of a $500 stock is decreasing at 1.2% per month. This situation can be modeled by the equation A(t) = 500(0.988)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 whole dollar) after 1 year?
