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     EduGorilla 
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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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