Ranjeet procured equipment worth $64000 for his company. The claimed life of the machine was 40 year….

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Ranjeet procured equipment worth $64000 for his company. The claimed life of the machine was 40 years. After the period of the life of the equipment, the value of the equipment is $16000. Assume that the depreciation was considered by the diminishing balance method. Find the % decrease in the value of the equipment after the end of the first year.

Options :-

1. 2.4
2. 3.4
3. 5.2
4. 6.7

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