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Calculate the annual depreciation rate

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Question - A truck was purchase for $120,000 and it was estimated to have a $24,000 salvage value at the end of its useful life. Monthly depreciation expense of $2,000 was recorded using the straight-line method. Calculate the annual depreciation rate?

a. 20%

b. 2%

c. 8%

d. 25%

Reference no: EM132182075

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