You bought a bike for $1,000$ dollars. The bike depreciates at the rate of $12 \%$ per year. Find the value of your bike after $8$ years. ($0.88^{8} \approx 0.3596$, $1.12^{8} \approx 2.4760$) 
Overseas Competition->Knowledge Point->Word Problem Modules->Word Problems in Economics->Interest Problems